Can XRP and RLUSD grow together? Here is Garlinghouse’s view!

For years, investors have debated whether RLUSD could take away some of XRP’s utility. 

Since its launch, there has been some concern that XRP may fade as RLUSD develops more use cases in the real world. Major traditional finance players are also exploring RLUSD for cross-border payments and other financial activities, adding to this debate. Brad Garlinghouse’s latest comments help clarify Ripple’s position.

In a post on X, he mentioned XRP and RLUSD as two complementary assets that have different use cases. While RLUSD can be used for stablecoin transactions, XRP is still useful for providing liquidity and enabling cross border transactions. In short, both assets ultimately aim to expand Ripple’s payment network and drive more activity on the XRP Ledger. 

However, the on-chain data presents a mixed picture. 

According to DeFiLlama, RLUSD has seen its total supply exceed $2.5 billion for the first time. But the distribution across networks tells a different story. RLUSD supply on the XRP Ledger has dropped more than 30% to $850 million in the last 30 days. During that time, the supply of RLUSD on the Ethereum network has increased by more than 34% to $1.7 billion. This means that nearly 70% of RLUSD’s total supply has moved to the Ethereum network, while only a fraction exists on the XRP Ledger.

From an adoption standpoint, the on-chain trend adds another layer to the XRP-RLUSD debate. While RLUSD is gaining traction as a stablecoin, Ripple [XRP] wallets continue to attract large holders, suggesting that demand for both assets may be growing through different use cases rather than competing with each other.

XRP wallets hit 2026 high as RLUSD supply shifts to Ethereum

The above data points to a clear shift in activity across the XRP Ledger ecosystem. 

As previously mentioned, RLUSD supply within the XRPL network is falling. This could impact on-chain utility. As the amount of liquidity from the stablecoin falls, less RLUSD will be used for transaction purposes. However, XRP wallet data shows a different trend, with large holders continuing to add to their positions.

The chart below shows that wallets holding 1 million+ XRP have hit an all-time high for 2026. There are currently 2,147 XRP wallets containing a million tokens or more. This is up by 28 XRP wallets in just 10 days. In the last three days alone there have been 18 new XRP wallets added to the 1 million+ XRP holder category.

In essence, the on-chain data adds a new dimension to Brad Garlinghouse’s argument. 

While the RLUSD liquidity on XRPL is decreasing, large holders appear to be increasing their XRP exposure, suggesting that investor interest is gradually shifting toward XRP. This divergence highlights an important change within the ecosystem. Although RLUSD continues to expand on Ethereum, XRP is seeing stronger accumulation among large wallets, potentially strengthening its position as a key asset within the XRPL.

Final Summary

• RLUSD supply on XRPL fell 30%, while its Ethereum supply grew 34%.

• XRP millionaire wallets hit a 2026 high of 2,147, showing growing interest from large holders.