RLUSD on Coinbase: Why 6 in 10 Dollars Sit on Ethereum, Not XRPL

Today, about I don't know, so I think it's about half of all RLUSD is on the XRP ledger, about half is on ETH.

That's Ripple CEO, October 28, 2026. The same morning Ripple's dollar coin, RLUSD, went live on Coinbase. So, I read the ledgers myself on October 29th. Of the 2.63 billion RLUSD out there, 37.6% sits on the XRP ledger. 61.8% sits on Ethereum.

That's six in 10. Back in late July, the XRP ledger had 56%. He would have been right then. And on Coinbase itself, there is no XRP pair for it, none. So, the biggest exchange in America just opened its doors to Ripple's dollar.

Which road that dollar takes when it leaves decides whether your XRP gets anything. If you hold XRP because somebody told you Ripple's dollar coin will pull it up. This one is about your money. The pitch goes like this. More RLUSD on the XRP ledger means more XRP needed to move it.

Coinbase has millions of customers. So, Coinbase plus RLUSD equals XRP demand. Every link in that chain can be checked. The ledgers are public. Coinbase's own data is public.

The company that pays Coinbase files with the SEC. So, one question for the rest of this. When a Coinbase customer buys RLUSD and hits withdraw, which road does that dollar take? And what does your XRP get when it does? So, if you're feeling bullish, like this video and smash that subscribe button.

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Let's run it. All right, Bull Runners, Ryan Huggins here, aka @winwithryan. Welcome back to the channel. Go back to December 2024 when Ripple launched it.

And one of the questions you might have is, "Well, why would Ripple even need a stablecoin when XRP already exists?" And the answer is stability. While XRP is really good at fast, low-cost country-to-country payments, a stablecoin like RLUSD could give stability and value, making it more ideal for day-to-day transactions and settlements. [music]

That was the first question. If Ripple already has XRP, why build a dollar? Ripple's answer is that the two help each other. Here's the CEO a minute before the clip you just saw.

What we found is that while we're going to continue to aggressively invest there, RLUSD and having a stablecoin on the XRP ledger is good for the XRP ledger because we have liquidity on chain and the ability to use that on chain is a a value add to all the participants in the ecosystem.

And here's how XRP holders put it.

RLUSD growing on XRP ledger is actually one of the cleanest XRP demand stories, right? Every single transaction on the XRP ledger, no matter what asset is being moved, require XRP to settle, okay? So, when RLUSD moves from one wallet to another on the XRP ledger, the network burns a tiny amount of XRP as the transaction fee. And every wallet that wants to hold RLUSD on the XRP ledger has to first hold a small amount of XRP as the network reserve. Every trust line that gets established to enable RLUSD activity requires XRP to activate.

The more RLUSD that lives on the XRP ledger, the more XRP is required to keep the network functioning underneath it. So, RLUSD is the cargo and XRP is the truck that moves it. As the cargo grows, the the for the truck grows with it.

The cargo and the truck. I like it because it's how the ledger works. Every move on the XRP ledger burns a tiny bit of XRP. Every wallet holding RLUSD keeps a little XRP parked as a deposit. So, if the cargo grows on your ledger, the truck gets busier.

That's the thesis said fairly, but it hides one condition. The cargo has to be on the XRP ledger. A dollar on Ethereum never rides your truck. Then came October 28th, 2026. Ripple posted it at 5:01 in the morning.

RLUSD on Coinbase. On three networks, the XRP ledger, Ethereum, and Base.

RLUSD has had a a pretty exceptional year considering just the context of crypto markets and stablecoins overall. Like if you look at the top stablecoins, growth has been muted, um kind of flatish throughout the year. RLUSD's grown more than 80% year-to-date. So, it's a uh $2.6 billion market cap now. It now has distribution through the top exchanges, places like Coinbase, which was just announced this morning.

That's Ripple's president, same day, same stage, $2.6 billion of RLUSD, and Coinbase just announced this morning. Ripple said why it wanted this, to put RLUSD on the platforms institutions already trust and use. In plain words, go where the big money already shops. Smart move. The biggest store in America just stocked your product, but that store already sells a dollar coin of its own, and it gets paid on every one.

That dollar is USDC made by a company called Circle. Circle files with the SEC, so we can see the deal. In the three months ending June 30th, 2026, Circle paid Coinbase $324.6 million, one quarter. Coinbase gets paid on the USDC sitting on its platform, and half of what's left over from the rest.

It's expected that the public companies will act in their own best interest and the interests of their shareholders. There is nothing wrong with Coinbase acting in its own interest when hundreds of millions of dollars of revenue at stake.

He's right. A company with that much riding on $1 coin isn't going to quietly swap it out. But there's a second line in the release. On base, Ripple will provide liquidity, which means Ripple puts up its own dollar so people can trade RLUSD there and base is Coinbase's own network.

I'm Jesse the creator of base, the blockchain for global finance. Base is built at Coinbase. It's trusted by thousands of enterprises and it's open to everyone.

So Ripple is spending its own money on Coinbase's road. On October 29th, base held about 16 million RLUSD, under 1%. Watch that number. So the question isn't whether RLUSD gone on Coinbase, it did. It's where the dollars live.

So I stopped reading the press releases and I went to the ledgers. On the XRP ledger, one account issues all the RLUSD. On October 29th, 2026, it had 987.6 million out. On Ethereum, it's one contract. 1.625 billion.

On base, 16.1 million. Add it all up, 2.63 billion. The same number Ripple's president gave on stage, 37.6%. Not half, a bit over a third and 61.8 on Ethereum. Six of every 10 RLUSD dollars, somewhere your XRP never touches.

That's the same check that we run with our clients inside of SGS at Altcoin Pro on everything they hold, which network it sits on, which wallet, who else touches it. And the first link in the description is there if you'd rather do that with us than by yourself. The share on your ledger has dropped every month since July. So I'd look this week, not next quarter. And I know what you're probably thinking, he said I think.

He was talking off the cuff. Fair. So I went back to see when half was true. Let's rewind to May.

RLUSD exists on two different networks, the Ethereum network and the XRP ledger. When RLUSD first launched, the majority of supply was being used on Ethereum because that was the network with the most stablecoin activity at the time. But over the last year, something significant has shifted. The portion of RLUSD living on the XRP ledger has grown faster than the portion on Ethereum. As of right now, RLUSD ranks as the eighth largest stablecoin in the entire global market with a total circulating supply of approximately 1.6 billion dollars across both networks.

She was right. All spring, the XRP ledger share kept climbing. On July 28th of 2026, DeFi Llama shows the XRP ledger at 890.7 million and Ethereum at 695 million. 56% on your ledger. That's the number the CEO is carrying around.

But then it turned from late July till now. Ethereum's pile grew by about 930 million. The XRP ledger's grew by under 100 million. So every 10 new RLUSD made since late July, about nine went to Ethereum. And in just the last 30 days, the XRP ledger's RLUSD shrank 12.8% while Ethereum's grew 16.5%.

So where did all of those Ethereum dollars go? Well, I found the biggest single pile. On Ethereum, the biggest RLUSD wallet isn't a bank. It isn't a payment company. It's a vault.

The contract calls itself Centaura X Spark RLUSD. It holds about 455 million RLUSD. That's 28% of everything on Ethereum and close to half the size of the entire XRP ledger pile. A vault like this is a crypto savings program. People park dollar coins in it and then it puts them to work to earn interest.

There's nothing wrong with that. It's a big reason RLUSD grew. But think about what it means for the truck. That money is sitting still on Ethereum earning interest. It's not crossing borders on the XRP ledger, and it isn't burning a drop of XRP.

So, the growth that everybody's cheering about is real, and a lot of it just happened on the other road. But, some of it does live on our ledger. The 987 million, how much XRP does that move? Let's weigh the truck she talked about. On October 29th, the RUSD account on XRP ledger had 101,400 trust lines.

A trust line is a little permission slip a wallet sets up to hold RUSD. 67,812 of them held some. Each trust line ties up at most 0.2 XRP as a deposit. Some small wallets get their first two free. So, at most 101,400 * 0.2 is 20,280 XRP.

And at a $1.29, which is where XRP sat on October 29th, that's about $26,000. So, about $26,000 of XRP parked at most holding up to close a billion dollars of RUSD. And the fee each time RUSD moves 0.00001 XRP, a million transfers burns 10 XRP or about $13. That's not a knock on the XRP ledger. It was built to be cheap, and that's the point of it.

But, it means the truck is tiny next to a giant cargo. RUSD on your ledger is good for the ledger. It just doesn't need much XRP to do it. So, the XRP ledger only wins when a dollar takes that road. What happens on Coinbase itself?

Well, Coinbase's own public exchange data October 29th, RUSD is listed as convertible to US dollars, and that's it. I asked it for an XRP to RUSD market, not found. And RUSD to dollar market, not found. Their own post says it. Convert US dollars into RUSD at a one-to-one rate.

You swap a dollar for a dollar inside Coinbase's own books, not XRP involved. XRP only shows up if the customer withdraws it and picks the XRP ledger out of the three choices. And look at what Coinbase does when it has to pick a dollar for you. In Europe, a new rule kicks out a list of dollar coins. Whatever is left after October 30th, 2026, Coinbase will automatically convert it into USDC.

That's Europe's rule, not Coinbase picking on anybody. But when Coinbase picks the default dollar, it picks the one it gets paid on. So, did Ripple give up on XRP? The CEO got that question later the same day.

Well, I I I would say one of the things people are experiencing is we have a number of announcements around RLUSD, and so there's some focus on RLUSD, and it maybe in retrospect that wasn't intended to take away from what we call internally our North Star. We won't do things. We only want to do things that are good for XRP. I think what we're doing with RLUSD is in service of that. And even relative to when we started, I mean, now about half of all RLUSD is just issued on XRP ledger, bringing more liquidity on ledger.

And look, we want to make sure when we're thinking about the business, we want as many payments as possible going through Ripple. We want the customers to be super happy with that experience, and we're going to push as many of those to RLUSD or XRP, depending upon the corridor, depending on the currency pair. But again, our goal is drive as much liquidity, drive as much trust and utility through XRP as possible.

Listen to the part after about half. Ripple will push its payments to RLUSD on XRP, depending upon the corridor. A corridor is a route, like dollars to pesos. That's the honest version of the deal. RLUSD is Ripple's dollar product.

XRP gets used on the routes where it makes sense for Ripple's payments. They're two different things that sometimes help each other. And here's what to watch. Coinbase says its global exchange, including RLUSD as collateral, will follow no date. The ledgers are public.

Anyone can read this number any day. If Coinbase's customers pick the XRP ledger when they withdraw, you'll see that 37.6% start climbing back. If Ripple's money on base pulls the other way, you'll see base grow instead.

About half of all RLUSD is on the XRP ledger.

About half. In July, that was true. On October 29th, it's 37.6% and the gap went to Ethereum. Into a lending vault, not onto your ledger. What the ledger doesn't settle is what Coinbase's customers will do next.

Nobody knows that yet. Not Ripple, not Coinbase, not me. But you don't have to take anybody's word for it, including the CEO's. Ripple's dollars just got into the biggest store in America. Your XRP only rides along when the dollar leaves on the XRP ledger.

And right now, six in 10 don't. So, tell me in the comments if you bought RLUSD on Coinbase, which network would you withdraw it on? Just XRP, Ethereum, or base? This whole video came down to reading three ledgers and the SEC filing. All public, all free.

A CEO said about half on stage and the ledger said 37.6% the next morning. That's the job. Checking what you hold against the source, not the headline, is what we do with our clients inside of SGS system at Altcoin Pro. And it's for people holding $50,000 or more who've never had anybody sit down with them and map out where it actually lives. If you're not there yet, keep watching these videos.

They're free and we're not going to stop making them. If this is money that you and your spouse decide on together, bring them on the call as well. It's the first link in the description. It gets you started. Book the call right away.

Crypto carries risk and past performance doesn't guarantee future results. This is education, not financial advice. And you know what to do. Stay bullish. I'll see you at the top.