On-chain data reveals that Ripple's dollar-pegged stablecoin, RLUSD, has crossed the 312 million token mark in total supply. However, the token's distribution is starkly concentrated — just 10 wallets hold roughly 70% of all circulating RLUSD, raising questions about its decentralization profile.
Supply Surpasses 300 Million
By the end of April 2025, RLUSD's circulating supply expanded from 294 million to 312 million tokens, representing a 61.66% increase since March 31. Of this total, more than 78% (approximately 246.14 million RLUSD) were minted on the Ethereum network, while just over 21% (66.91 million RLUSD) reside on Ripple's own XRP Ledger.
Concentration Alarm: Top Ten Wallets Hold 70%
Despite the supply growth, the ownership structure is heavily consolidated. On Ethereum, 99.91% of all RLUSD is held by the top 100 wallets out of only 2,646 total holders. The top 10 Ethereum addresses alone control an astonishing 89.27% of the Ethereum-based RLUSD — equivalent to 219.63 million tokens — which in turn accounts for 70.46% of the entire global RLUSD supply.
The largest holder is the Aave protocol, with 73 million RLUSD (29.68% of the Ethereum supply). Ripple's own address ranks second, holding 31.29 million RLUSD (12.71%). The third-largest wallet is an unidentified whale with 25.29 million tokens (10.27%). Another anonymous whale holds the fourth spot with 24.79 million RLUSD, and also owns 32.69 million of Circle's USDC.
The fifth-largest stash resides in a Curve Finance liquidity pool, holding 23.79 million RLUSD (9.66%). The sixth-largest is another undisclosed whale with 21.74 million tokens (8.83%). The seventh-largest address, with 8.6 million RLUSD (3.49%), is tagged by Arkham as belonging to liquidity provider B2C2 — though this attribution is not definitively confirmed.
Crypto exchange Bullish holds the eighth position with just over 4 million RLUSD (1.65%). The ninth-largest wallet contains 3.75 million tokens and is tentatively linked to Revolut by Arkham. Rounding out the top ten, another unnamed whale controls 3.38 million RLUSD (1.37% of the supply).
Ethereum Dominates; XRP Ledger Lags
RLUSD's issuance is overwhelmingly concentrated on Ethereum rather than Ripple's native XRP Ledger, which holds only about 21% of the total supply. This suggests that the stablecoin’s actual usage and liquidity are deeply tied to Ethereum's DeFi ecosystem, while adoption on Ripple's own chain remains limited.
Market Implications and Risks
High concentration of token holdings often signals centralization risk, as movements by a few large wallets could significantly impact price and liquidity. However, in the early stages of a stablecoin's lifecycle, it is typical for market makers, exchanges, and protocols to hold substantial amounts. As RLUSD gains broader adoption, the distribution may become more decentralized over time.
Ripple has stated that RLUSD is fully backed by U.S. dollar deposits and short-term Treasury securities, and undergoes regular audits. The rapid supply expansion indicates growing market demand, but the extreme concentration highlights the need for broader distribution to ensure long-term stability and trust.