In a mere fortnight, Ripple’s RLUSD stablecoin has witnessed its supply on Ethereum expand by $4.4 million. Yet, with 768 addresses in possession of the token, over 70% of the stablecoin’s supply lingers in the Ripple Deployer wallet or contract address.

Ripple’s RLUSD Hits $4.4M in New Supply on Ethereum—Who Controls the Tokens?

In 2024, Ripple’s RLUSD stablecoin garnered significant discussion and scrutiny, a digital currency pegged to the U.S. dollar or its equivalents, and deployed across both the Ethereum blockchain and XRP Ledger (XRPL). Currently, there are 57.6 million RLUSD tokens issued on Ethereum, having experienced 1,672 transfers. The bulk of these tokens, precisely 70.97% or about 40,880,019 tokens, remain under the control of the Ripple Deployer address.

The second largest wallet, tagged by Arkham Intelligence as possibly belonging to the B2C2 Group, comes with a caveat, as Arkham labels it with a query mark. B2C2 Group is renowned as a premier crypto-native liquidity provider, focusing on over-the-counter (OTC) and institutional solutions for digital asset trading. Regardless of its true owner, this wallet holds 3.03 million RLUSD. The third largest wallet is in the custody of the crypto exchange Bullish.

Bullish’s address grips around 2.99 million RLUSD, which accounts for 5.2% of the total supply. An unidentified wallet possesses the fourth largest amount of Ripple’s stablecoin, holding 2.89 million RLUSD as of Jan. 4, 2025. The global multi-asset digital trading platform Uphold manages the fifth largest RLUSD reserve with 2.28 million under its control. The sixth largest holder on the Ethereum blockchain remains a mystery, yet it contains exactly 1,600,000 coins. Mexico’s crypto exchange Bitso holds the seventh largest RLUSD wallet.

Bitso currently possesses 1.24 million of Ripple’s stablecoin, representing approximately 2.15% of the entire 57.6 million supply. Ranking eighth is another unknown wallet with precisely 1 million RLUSD, or 1.73% of the total supply. The ninth position is occupied by yet another enigmatic address, holding 410,000 RLUSD today. Uphold also features as the tenth largest holder with 300,735 RLUSD.

Bullish and Bitso stand out as the top exchanges with the highest RLUSD trading volume; over the last day, the stablecoin experienced volume amounting to $611.78 million. Ripple’s RLUSD stablecoin exhibits a blend of initial uptake and concentrated ownership, emphasizing its embryonic stage within the digital asset domain. While some activity peaks through exchanges like Bullish and Bitso, the future trajectory of RLUSD hinges on building confidence and broadening its network, hinting at possible evolutions in the stablecoin arena for 2025.