Ripple Wants RLUSD to Be a Treasury Dollar. Just 12,458 Wallets Hold It.
Ripple is pitching RLUSD as a $13 trillion corporate-treasury opportunity. Our holder data shows that ambition is already the reality: ~US$2.36 billion in supply on Ethereum sits in just 12,458 wallets — fewer than DAI, PYUSD, USDe, and even the much smaller USDS. That's roughly US$189,000 per wallet. RLUSD hasn't gone retail. It went straight to treasuries.
- RLUSD carries ~US$2.36 billion in supply on Ethereum but is held by just 12,458 wallets, as of Sep 18, 2026. see data →
- RLUSD's 12,458 Ethereum holders is fewer than DAI (697,662), PYUSD (104,763), USDe (47,569), and USDS (17,060) — the second-smallest holder base of eight major dollar stablecoins measured, ahead of only the newly launched USDG (8,760). see data →
- Dollars per holder for RLUSD run roughly US$189,000 — an order of magnitude above a retail stablecoin, consistent with wholesale/institutional rather than retail adoption. see data →
Ripple's pitch for RLUSD is a corporate-treasury dollar, not a retail one. Ripple's stablecoin chief has pointed to a $13 trillion corporate-treasury opportunity as the growth path for RLUSD, and the coin's supply has moved accordingly — up roughly 50% over the past month toward the low-$2 billion range, per that reporting. Our holder data shows the ambition isn't aspirational. It is already the coin's entire shape. RLUSD carries ~US$2.36 billion in supply on Ethereum and is held by just 12,458 wallets.
Twelve thousand wallets holding over two billion dollars is not a small number by accident. Measured against seven other major dollar stablecoins on the same chain, with the same holder-count method, RLUSD has the second-smallest holder base of the group — smaller than DAI's 697,662, PYUSD's 104,763, USDe's 47,569, and even USDS's 17,060, a stablecoin with a fraction of RLUSD's supply. Only USDG, a coin that only just launched, has fewer holders. RLUSD is the smallest holder base of any dollar stablecoin at multi-billion-dollar scale.
RLUSD's dollars-per-holder is an order of magnitude above a retail dollar
Dividing supply by holder count gives roughly US$189,000 per RLUSD wallet on Ethereum. USDT and USDC, the two largest dollar stablecoins, carry roughly US$12,130 and US$8,255 per holder respectively, even at their much larger scale. RLUSD's average balance per wallet runs more than an order of magnitude above either. That gap is the fingerprint of wholesale money — treasuries, market makers, and institutional accounts moving large balances through a small number of wallets — not a coin accumulating retail users one wallet at a time.
Fig 1 — Holder wallets across 8 major dollar stablecoins, Ethereum, Sep 18, 2026
RLUSD has one of the smallest holder bases of any major dollar stablecoin
Holder wallet counts on Ethereum for eight major dollar stablecoins. RLUSD (green): 12,458 holders — fewer than DAI (697,662), PYUSD (104,763), USDe (47,569), and USDS (17,060), and well below USDT (15,706,359) and USDC (8,901,720). Only USDG (8,760) is smaller. Figures are Ethereum-only, as of Sep 18, 2026.
RLUSD hasn't gone retail — it went straight to treasuries
None of this is a knock on RLUSD's scale. At ~US$2.36 billion on Ethereum, it is already one of the larger dollar stablecoins by supply, and reportedly growing quickly. But scale and distribution are different questions, and the holder count answers the second one plainly: RLUSD has not spread into many small wallets the way DAI, PYUSD, or even the much smaller USDS have. It sits concentrated in a holder base an order of magnitude thinner than coins with a fraction of its supply.
That is consistent with — and sharpens — Ripple's own framing. A $13 trillion corporate-treasury opportunity is a pitch about issuers, funds, and institutions holding RLUSD on balance sheets, not consumers spending it. The holder count shows that pitch isn't a future roadmap; it is a description of who already holds the coin. RLUSD didn't build a retail base and then add treasury use cases on top. It went straight to wholesale, and the wallet count is the evidence.
RLUSD's Ethereum supply is US$2.351 billion (price measured at $1.0001), a native OCB onchain read on Ethereum, chain 1.
Verified Sep 18, 2026 · onchainbenchmark.com/methodologyRLUSD has 12,458 holder wallets on Ethereum — a true, full count from Moralis's dedicated holder-count endpoint (source label "moralis"), not a sample. Peer counts on the same endpoint, same chain, same date: USDT 15,706,359; USDC 8,901,720; DAI 697,662; PYUSD 104,763; USDe 47,569; USDS 17,060; USDG 8,760. RLUSD ranks 2nd-smallest of the eight.
Verified Sep 18, 2026 · onchainbenchmark.com/methodologyThe holder count in this report is Ethereum-only. RLUSD is Ethereum-dominant, so this is close to the whole picture, but it is not a global count across every chain RLUSD may be issued on. Separately, we hold only a top-N holder sample for RLUSD, not a full balance ledger — this report does not publish a concentration or top-10 percentage for that reason, since a sample's internal share is not a defensible measure of true concentration.
Coverage notes · onchainbenchmark.com/methodology- How many wallets hold RLUSD?
- As of Sep 18, 2026, RLUSD has 12,458 holder wallets on Ethereum, per Moralis's dedicated holder-count endpoint. This is a true full count, not a sample. RLUSD's Ethereum supply is ~US$2.36 billion, so the coin averages roughly US$189,000 per wallet.
- Is RLUSD's small holder base unusual for a stablecoin its size?
- Yes. Measured on the same chain with the same method, RLUSD's 12,458 holders is fewer than DAI (697,662), PYUSD (104,763), USDe (47,569), and even USDS (17,060) — a stablecoin with far less supply. RLUSD has the second-smallest holder base of eight major dollar stablecoins measured, ahead of only the newly launched USDG (8,760).
- Does this match Ripple's stated plans for RLUSD?
- Ripple has pointed to a $13 trillion corporate-treasury opportunity as RLUSD's growth path, with supply reportedly up roughly 50% over the past month toward the low-$2 billion range. The holder data is consistent with that framing: RLUSD's ~US$189,000 dollars-per-holder average and thin wallet count look like wholesale/institutional adoption already, not a retail base that treasury use is being layered onto.
- Why doesn't this report include a concentration or top-holder percentage for RLUSD?
- We hold only a top-N holder sample for RLUSD, not a full balance ledger, so a concentration percentage computed from that sample would not be a defensible measure of true concentration. The two defensible, full-count facts used here instead are RLUSD's total holder count (12,458) and its Ethereum supply (~US$2.36 billion).