Ripple says trading and payment activity for its U.S. dollar stablecoin RLUSD is likely to move increasingly toward the XRP Ledger over time, as institutions look for faster and cheaper blockchain rails.
Speaking in a recent interview, Ripple executive Reece Merrick said most RLUSD activity currently sits on Ethereum, but that balance could change as users see the benefits of the XRP Ledger.
RLUSD adoption grows under Middle East regulation
Ripple said demand for RLUSD accelerated after the company secured regulatory approvals in the Middle East.
Earlier this year, Ripple received approval from the Abu Dhabi Global Market regulator to use RLUSD as a recognized U.S. dollar-backed stablecoin within its licensed zone. Similar approval was also granted by Dubai’s financial regulator.
Ripple said it has now processed more than $90 billion in payments globally and released RLUSD in late 2025 after clients asked for stablecoin-based U.S. dollar payouts. The stablecoin’s market value currently stands at around $1.3 billion.
“These approvals give institutions confidence that they can use stablecoins from this region with regulatory clarity,” he said.
Majority of RLUSD still on Ethereum, for now
Ripple said over 70% of global stablecoin activity currently takes place on Ethereum, which is why RLUSD launched on both Ethereum and the XRP Ledger.
At present, roughly 30% to 35% of RLUSD supply sits on the XRP Ledger, with the remainder on Ethereum. Ripple expects that share to grow.
Merrick said users are beginning to shift activity as they recognize that transactions on the XRP Ledger settle in seconds and cost a fraction of a cent.
“Over time we expect a lot of that volume to move over and eventually eclipse what sits on Ethereum,” he said.
Institutions driving XRP Ledger usage
Ripple said the strongest demand for XRP Ledger-based stablecoin payments is coming from institutions rather than retail traders.
The company recently acquired treasury management firm GTreasury, which works with global businesses moving trillions of dollars between entities. Ripple said interest surged after the deal, with large enterprises exploring RLUSD to manage global funding more efficiently.
Ripple said that businesses can move funds 24 hours a day, including weekends, instead of relying on traditional banking cut-off times.
“That’s where we unlock growth,” he added, pointing to real-time settlement as a major advantage.
XRP Ledger built for payments, Ripple says
Ripple reiterated that the XRP Ledger was designed specifically for payments and cross-border value transfer.
Payments on the network typically settle in two to three seconds, making it attractive for banks, companies and institutions moving funds globally.
Ripple said it remains positive that RLUSD growth will strengthen the XRP Ledger ecosystem and increase long-term utility for XRP, as demand shifts toward faster, lower-cost blockchain infrastructure.
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