Only a third of Ripple’s RLUSD stablecoin sits on the XRP Ledger, on-chain data showed: a reminder for Ripple XRP holders that the company’s biggest wins don’t all reach the ledger.
The split is lopsided. The XRP Ledger holds $862.8 million of RLUSD, against $1.72 billion on Ethereum, and Ripple’s latest attestation put total circulation at $2.63 billion on October 29.
Ripple’s last week should help RLUSD grow. It won final approval for Ripple National Trust Bank on October 26, and signed a partnership with Robinhood a day later. Only the Robinhood deal names the XRP Ledger, for settling institutional trades through Bitstamp.
The ledger’s own upgrades are stuck. Its native lending protocol has 19 of the 28 validator votes it needs, and token vaults have 21.
So what did Ripple sign, and why isn’t more of it landing on the XRP Ledger?
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Ripple XRP News: What Did Ripple Sign Last Week?
Two deals that give RLUSD a bank behind it and a broker in front of it.
The bank charter lets Ripple National Trust Bank hold the segregated reserves backing RLUSD, act as their collateral trustee for RLUSD holders, and offer digital asset custody once it opens. It can’t take deposits or make loans, and RLUSD will still be issued by Standard Custody & Trust Company, Ripple’s New York-regulated trust company.
“For years, we’ve said crypto and banks work better together,” Ripple CEO Brad Garlinghouse said. Ripple hasn’t given an opening date.
The Robinhood partnership is broader than a listing:
- RLUSD: already live on Robinhood Chain and Bitstamp by Robinhood, with the Robinhood app due later this year
- XRP Ledger: Robinhood will settle institutional trades in RLUSD on the ledger
- Ripple Treasury: Robinhood will run its own cash, payments and liquidity on Ripple’s treasury software
- Ripple Prime: already lends to Bitstamp across about 20 digital assets, and will support perpetual futures there later this year
“Utility is what moves stablecoins forward,” said Johann Kerbrat, who runs Robinhood Crypto. Robinhood had 28.6 million funded customers in August.
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Where Does Ripple’s RLUSD Actually Live?
Mostly on Ethereum. On Wednesday morning, RLUSD’s issuing account on the XRP Ledger showed 862.8 million tokens outstanding, while the RLUSD contract on Ethereum showed 1.72 billion.
That gives the XRP Ledger about 33% of the $2.58 billion on the two chains.
The split matters for XRP. Every RLUSD payment on the XRP Ledger pays a small fee in XRP, which is destroyed, and every new account has to hold at least 1 XRP in reserve. RLUSD on Ethereum does neither.
Why Isn’t More RLUSD on the XRP Ledger?
Partly because the tools stablecoin users rely on elsewhere aren’t live on it yet. An upgrade, or amendment, needs 28 of the 35 trusted validators, or 80%, to vote yes for two weeks before it switches on, and most of the ones aimed at institutions are well short.
Where the key upgrades stand, XRPScan’s amendment tracker shows:
- fixCleanup3_4_0: 33 votes, and due to switch on at about 14:46 UTC today. It closes a loophole that let an account with permission to burn tokens mint new ones in some cases.
- Single-asset vaults: 21 votes, 7 short. Vaults pool one asset, such as RLUSD, for others to borrow.
- Lending protocol: 19 votes, 9 short, for both versions. It would let those vaults make loans directly on the ledger.
- Confidential transfers: 20 votes, 8 short.
Until lending and vaults go live, institutions that want to lend out RLUSD have more options on Ethereum.
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What Does It Mean for Ripple XRP Holders?
Ripple’s business is growing faster than the XRP Ledger’s share of it. Two other numbers from this week show how XRP itself is being handled:
- Ripple’s escrow: two escrow contracts released 1 billion XRP on November 1, and Ripple locked 700 million straight back up the same day, leaving 300 million in its hands.
- The ETFs: the five US spot XRP funds saw no net flow on Tuesday, November 3, and took in $17.52 million over 30 days. They hold $1.46 billion, about 1.78% of XRP’s market value.
The price hasn’t reacted to any of it. XRP trades at $1.28, flat over 24 hours, between support at $1.27 and resistance at $1.30, and below its 50-day and 200-day EMAs at $1.3353 and $1.3631.
XRPUSDT 1D chart. Source: TradingView.
Three things to watch next:
- The Robinhood app: RLUSD is due there later this year, and Ripple hasn’t said which chain app users will hold it on.
- Ripple National Trust Bank: no opening date yet.
- The lending vote: if 9 more validators back the lending protocol, it still needs two weeks at 80% before it goes live.
For now, the Ripple XRP story is a split one. Ripple keeps adding banks and brokers for RLUSD, while most of the stablecoin stays on Ethereum.
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The post Ripple XRP News: Two-Thirds of RLUSD Still Lives on Ethereum And The XRP Ledger Upgrades That Could Change That Lack Votes appeared first on 99Bitcoins.
