RLUSD just crossed $2.4B. But the chain breakdown is the story and it flipped. The stablecoin's center of gravity shifted. • Total supply: $2.4B (up from 1.37B (57.3% of supply) • XRP Ledger: ~350M The narrative that RLUSD is an "XRP Ledger stablecoin" just broke. Most of the new supply is flowing to Ethereum. Institutional integrations - JPMorgan, Mastercard, Convera, Interactive Brokers - are settling on Ethereum, not XRPL. That's not a failure. It's a distribution strategy. RLUSD is expanding to Base, Optimism, Ink, and Unichain via Wormhole's NTT standard. The goal is ubiquity, not chain loyalty. But the XRPL community will feel this. The token they championed is being used as a TradFi settlement asset first, an XRP Ledger asset second. If RLUSD's center of gravity is Ethereum, does the XRP Ledger lose its stablecoin narrative or is multichain distribution the real win?
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