Recent on-chain analysis reveals that only one-third of Ripple’s RLUSD stablecoin is currently utilized on the XRP Ledger. This serves as a reminder for Ripple XRP stakeholders that the firm’s most significant achievements don’t all necessarily translate to activity on the ledger.
The distribution is uneven. The XRP Ledger currently holds $862.8 million worth of RLUSD, whereas Ethereum hosts $1.72 billion. According to Ripple’s most recent report, the total circulation stood at $2.63 billion as of October 29.
Ripple’s recent developments could bolster RLUSD’s presence. They received the final green light for Ripple National Trust Bank on October 26, and just a day later, they forged a partnership with Robinhood. Notably, the agreement with Robinhood specifies the use of the XRP Ledger for settling institutional trades through Bitstamp.
Meanwhile, improvements to the ledger itself have stalled. Its native lending protocol has garnered 19 out of 28 necessary validator votes, while its token vaults have secured 21 votes.
So, what were the agreements Ripple made, and why isn’t a larger portion of RLUSD appearing on the XRP Ledger?
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Ripple XRP Updates: What Agreements Did Ripple Finalize Recently?
Two significant negotiations that provide RLUSD with banking support and brokerage access.
The bank charter permits Ripple National Trust Bank to maintain the segregated reserves for RLUSD, serve as their collateral trustee for RLUSD holders, and offer digital asset custody once operational. However, it is not permitted to accept deposits or grant loans, and RLUSD will continue to be issued by Standard Custody & Trust Company, Ripple’s New York-regulated trust entity.
“We’ve long asserted that crypto and banks function more effectively together,” stated Ripple CEO Brad Garlinghouse, though Ripple has not yet announced an opening date.
The partnership with Robinhood extends beyond just a listing:
- RLUSD: already operational on Robinhood Chain and Bitstamp by Robinhood, with more features in the Robinhood app anticipated later this year.
- XRP Ledger: Robinhood has committed to settling institutional trades in RLUSD on the ledger.
- Ripple Treasury: Robinhood will manage its cash, payments, and liquidity through Ripple’s treasury software.
- Ripple Prime: has already provided lending services to Bitstamp across approximately 20 digital assets and will soon support perpetual futures there.
“Stability is key to advancing stablecoins,” noted Johann Kerbrat, head of Robinhood Crypto. As of August, Robinhood had approximately 28.6 million funded customers.
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Where Is Ripple’s RLUSD Primarily Located?
Predominantly on Ethereum. As of Wednesday morning, the issuing account for RLUSD on the XRP Ledger revealed 862.8 million tokens in circulation, while the RLUSD contract on Ethereum showed 1.72 billion.
This means that the XRP Ledger accounts for roughly 33% of the combined $2.58 billion across both networks.
This division is significant for XRP; each RLUSD transaction on the XRP Ledger incurs a minor fee in XRP, which gets permanently removed from circulation, and every new account must retain at least 1 XRP as reserve, a requirement that does not apply to RLUSD on Ethereum.
Why Is More RLUSD Not on the XRP Ledger?
One reason is that certain tools used by stablecoin users on other platforms are not yet available on the XRP Ledger. Any proposed upgrade requires at least 28 out of 35 trusted validators, or 80%, to vote affirmatively for two weeks before being enacted, and many aimed at institutional users are still short of this threshold.
Current status of key upgrades can be tracked using XRPScan’s amendment tool:
- fixCleanup3_4_0: 33 votes, set to activate around 14:46 UTC today. This amendment rectifies a loophole that allowed certain accounts to mint tokens under specific permissions.
- Single-asset vaults: 21 votes, just 7 short. These vaults would aggregate one asset, like RLUSD, allowing others to borrow from it.
- Lending protocol: 19 votes, 9 short across both versions, allowing those vaults to make direct loans on the ledger.
- Confidential transfers: 20 votes, 8 short.
Until the lending and vault features are activated, institutions looking to lend RLUSD have more viable options on Ethereum.
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What Does This Mean for Ripple XRP Investors?
Ripple’s operations are advancing at a quicker pace than the share attributed to the XRP Ledger. Two other figures from this week illustrate how XRP itself is being managed:
- Ripple’s escrow: on November 1, two escrow contracts released 1 billion XRP, with Ripple locking 700 million back up on the very same day, leaving 300 million available.
- ETFs: the five US spot XRP funds reported no net inflow on Tuesday, November 3, accumulating $17.52 million over a 30-day period. They currently hold $1.46 billion, approximately 1.78% of XRP’s overall market value.
Market reactions have been muted. XRP is currently priced at $1.28, remaining unchanged over the past 24 hours, fluctuating between support at $1.27 and resistance at $1.30, and trading below its 50-day and 200-day EMAs, which stand at $1.3353 and $1.3631, respectively.
XRPUSDT 1D chart. Source: TradingView.
Three key developments to monitor:
- The Robinhood app: RLUSD is expected to be featured there later this year; however, Ripple has yet to clarify which blockchain users will utilize for it.
- Ripple National Trust Bank: no opening date has been disclosed yet.
- The lending approval: if 9 more validators endorse the lending protocol, it will still require two weeks at 80% approval prior to launching.
As it stands, the narrative around Ripple XRP is dual-faceted. Ripple is continuously forming partnerships with banks and brokers for RLUSD, while the majority of the stablecoin remains on Ethereum.
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The article originally appeared on 99Bitcoins.