RLUSD supply up $971M in 90 days as USDT sheds $5.3B

Ripple's RLUSD stablecoin added about $971 million in supply over 90 days, rising from $1.59 billion on Aug. 6 to $2.57 billion on Nov. 4, according to DefiLlama data reported by Bitcoin.com. Over the same period, USDT circulation fell by roughly $5.3 billion and USDC by about $0.9 billion.

Details

We checked the figures against the DefiLlama API. RLUSD: $1.594 billion on Aug. 6 and $2.565 billion on Nov. 4. USDT: $183.4 billion and $178.1 billion. USDC: $71.8 billion and $70.9 billion. The Nov. 4 reading is preliminary and may still change.

Bitcoin.com says RLUSD recorded the largest net inflows among major stablecoins in the quarter, and ties the growth to October's OCC decision on Ripple's national trust bank. That is the outlet's interpretation, not DefiLlama data. Around the same time the token received a Moody's A2 rating and was added on Coinbase.

What this means for the market

The scale gap is large: USDT circulation is about $178 billion against roughly $2.6 billion for RLUSD, and USDT's quarterly decline is about 5.5 times RLUSD's entire gain. No single factor explains the USDT drop, since USDC supply also shrank in the same data.

Track stablecoin liquidity on the Tether page and bitcoin's price in the daily brief. This is not investment advice.