Ripple is signaling that RLUSD, its U.S. dollar stablecoin, may see more of its payment activity move away from Ethereum over time and onto the XRP Ledger. Reece Merrick said institutions are rethinking blockchain infrastructure based less on historic market share and more on settlement performance and cost. For payment use cases, that distinction matters.
Institutional payment flows are starting to lean toward XRPL
Most RLUSD trading and payment activity still sits on Ethereum today. Ripple also noted that Ethereum continues to account for more than 70% of global stablecoin activity, which explains why RLUSD launched on both Ethereum and the XRP Ledger. Even so, the distribution is no longer static. About 30% to 35% of RLUSD supply is now on the XRP Ledger, while the rest remains on Ethereum.
According to Merrick, institutions are gradually reallocating activity after seeing the difference in settlement performance. Transactions on the XRP Ledger typically settle within seconds and cost a fraction of one cent. Ethereum fees, by comparison, can swing during periods of congestion. Ripple expects that gap to keep pushing institutional volume toward the XRP Ledger.
Middle East approvals boosted RLUSD adoption
Ripple tied rising RLUSD demand to stronger regulatory clarity in the Middle East. The company said adoption accelerated after it received approvals from regional financial regulators. Those approvals allow RLUSD to operate as a recognized U.S. dollar-backed stablecoin inside regulated financial zones.
Merrick said regulatory certainty has changed how institutions view stablecoins. Instead of treating them as pilot-stage products, firms are now using them as practical settlement tools. Ripple said that shift has helped expand RLUSD integration across cross-border payment operations and opened more enterprise payment corridors to the asset.
Ripple says it has processed over $90 billion in payments
Ripple disclosed that it has processed more than $90 billion in payments globally. The company said RLUSD was introduced after enterprise clients asked for stablecoin-based U.S. dollar payouts. Its market value is currently about $1.3 billion, a figure Ripple presented as evidence of growing institutional use.
The company also stressed that compliance clarity remains essential for large organizations before capital is deployed at scale. In Ripple’s account, the Middle East approvals gave institutions that confidence. It expects the same regulatory structure to keep supporting RLUSD adoption across a wider set of enterprise payment routes.
$40 million RLUSD transfer adds to speculation
Ripple’s stablecoin unit recently moved $40 million worth of RLUSD into the market through two separate transfers of $20 million each. Both transactions were sent to an address linked to Gemini, the U.S. crypto exchange. After the transfers, that wallet held roughly 98.3 million RLUSD.
The concentration drew attention across the XRP community, with market participants watching for signs tied to liquidity provisioning or broader exchange availability. Ripple has not publicly explained the purpose of the transfers. Still, the movement came as institutional interest in RLUSD was rising, which kept the transactions in focus.
GTreasury deal feeds enterprise treasury interest
Ripple also pointed to stronger enterprise demand after its acquisition of treasury management firm GTreasury. The company supports global businesses that manage trillions of dollars across internal entities. Ripple said interest increased after the acquisition.
Its argument is straightforward: blockchain transfers allow funds to move continuously, including weekends. Merrick said real-time settlement helps businesses improve liquidity efficiency and operational planning. Ripple reiterated that the XRP Ledger was built for payments and cross-border value transfer, with settlements usually completing in 2 to 3 seconds. In Merrick’s view, RLUSD activity on the XRP Ledger could eventually surpass Ethereum as institutions keep prioritizing lower costs and faster settlement.