Ripple’s dollar-pegged stablecoin RLUSD has now moved beyond the 300 million milestone in total issuance, reaching a current circulating supply of 312 million tokens. The increase marks a sharp expansion from the 294 million recorded at the end of April and represents a 61.66% rise since March 31. The growth suggests RLUSD is scaling quickly, but onchain data also highlights a parallel trend: the token’s supply remains highly concentrated among a relatively small number of wallets.
Ethereum Dominates RLUSD Issuance
Most of the RLUSD currently in circulation exists on Ethereum rather than Ripple’s own distributed ledger infrastructure. According to the data cited in the source material, more than 78% of the supply, or approximately 246.14 million RLUSD, has been minted on Ethereum. By comparison, a much smaller share—just over 21%, or roughly 66.91 million tokens—resides on Ripple’s distributed ledger technology protocol.
This split is notable because RLUSD is closely associated with the Ripple ecosystem, yet its practical issuance footprint is heavily tilted toward Ethereum. That pattern may reflect the broader utility, liquidity, and DeFi accessibility available on Ethereum, where stablecoins often gain deeper integration with lending markets, exchanges, and liquidity pools.
Holder Distribution Remains Highly Concentrated
While supply expansion is often interpreted as a sign of growing adoption, the ownership structure behind RLUSD paints a more nuanced picture. On Ethereum, where the bulk of the token supply is located, the top 100 wallets hold 99.91% of all RLUSD on the network. This concentration is especially striking given that the token has a total of 2,646 holders on Ethereum, according to the source.
In other words, although RLUSD has cleared an important issuance threshold, the token is still far from broadly distributed across a large and diverse user base. For market observers, that makes wallet concentration an essential metric alongside total supply growth.
Largest Wallets Include Aave, Ripple, and Unidentified Whales
The largest Ethereum-based RLUSD wallet belongs to Aave, which holds 73 million tokens, equal to 29.68% of the Ethereum-based RLUSD supply. The second-largest wallet is controlled by Ripple itself, with 31.29 million RLUSD, or 12.71% of that supply.
The third-largest wallet is attributed to an unidentified whale holding 25.29 million tokens, representing 10.27% of the total Ethereum-based RLUSD. The fourth-largest wallet, also unidentified, contains 24.79 million RLUSD. The source also notes that this same address holds 32.69 million USDC, suggesting that it may belong to a significant stablecoin participant or market-making entity, though no definitive identification was provided.
The fifth-largest concentration sits in a Curve Finance wallet, which accounts for 23.79 million RLUSD, or 9.66% of the Ethereum-based supply. In sixth place is another undisclosed whale with 21.74 million tokens, equivalent to 8.83%.
The seventh-largest address holds 8.6 million RLUSD, amounting to 3.49% of the Ethereum-based total. Arkham has tagged this wallet as belonging to liquidity provider B2C2, although the attribution has not been conclusively verified. The eighth-largest holder is crypto exchange Bullish, with slightly more than 4 million RLUSD, or 1.65% of supply.
The ninth-largest wallet contains 3.75 million tokens and is tentatively linked by Arkham’s block explorer to Revolut. The tenth-largest wallet is another unnamed whale, holding 3.38 million RLUSD, equal to 1.37% of the Ethereum-based supply.
Top 10 Wallets Control the Majority of Supply
When the balances of these leading addresses are combined, the concentration becomes even more pronounced. The top 10 entities together control 89.27% of the RLUSD issued on Ethereum, or about 219.63 million tokens. Measured against the stablecoin’s total circulation across networks, those same 10 wallets account for roughly 70.46% of all RLUSD currently in existence.
That level of concentration is likely to remain a central point of analysis for traders, institutions, and researchers following RLUSD’s development. A rising supply can indicate increased issuance demand, greater exchange availability, or deeper DeFi integration. However, when most tokens are clustered in a handful of wallets, questions naturally emerge around actual float, effective liquidity, and how much of the supply is actively circulating in the market.
Why Concentration Matters for a Growing Stablecoin
Stablecoins are often evaluated not only by market cap and issuance growth, but also by how widely they are distributed and how deeply they are embedded in transaction flows. In RLUSD’s case, the issuance trend is clearly positive from a headline perspective: the token has surpassed 312 million in circulation and expanded rapidly in a relatively short period. Yet the onchain ownership profile suggests that adoption may still be at an early or institutionally concentrated stage.
Large balances in wallets associated with lending protocols, liquidity venues, exchanges, or market participants do not automatically imply instability. In many cases, concentration can be explained by custody structures, protocol reserves, treasury management, or the operational needs of liquidity providers. Still, such concentration means that movements by a small set of entities can have an outsized effect on circulating dynamics and market perception.
As RLUSD continues to grow, future attention will likely focus on whether distribution broadens over time, whether more holders emerge across both Ethereum and Ripple’s ledger, and whether the token develops more diversified usage across payments, trading, and decentralized finance. For now, the main takeaway is clear: RLUSD has crossed a major issuance threshold, but its supply remains dominated by a narrow group of large wallets.