Schwab's crypto research director says the XRP Ledger is becoming a stablecoin network

Jim Ferraioli (@jimferraioli), Director of Digital Currencies Research and Strategy at the Schwab Center for Financial Research, has offered a pointed view on how major blockchain networks are carving out distinct roles in crypto. Speaking on the Thinking Crypto podcast, he said the XRP Ledger is making the shift from a payments network to more of a stablecoin transaction network.

Each chain finds its niche

Ferraioli discussed how different blockchain networks are specializing in distinct use cases as the crypto industry consolidates, noting that he thinks everyone is going to find their niche. In his framework, Ethereum remains the dominant general-purpose smart-contract blockchain for tokenized real-world assets, while Solana aligns more with active trading due to its high transaction throughput. Tron, meanwhile, was described as a pure stablecoin play. The comments reflect a broader institutional view that blockchain competition is increasingly about specialization rather than winner-takes-all dominance.

$RLUSD supply tilts toward XRPL

On-chain data backs up Ferraioli's characterization. @Ripple has gradually shifted its attention to the XRP Ledger by reducing $RLUSD supply on Ethereum and increasing it on XRPL, achieved through large token burns on Ethereum alongside substantial minting activity on the XRP Ledger. The shift marks a significant change from RLUSD's launch in December 2024, when most of the stablecoin's supply was on Ethereum.

$RLUSD supply on the XRP Ledger overtook Ethereum on June 26, 2026, and has held the lead since. As of July 11, the XRP Ledger held about 863.2 million RLUSD versus Ethereum's 676.1 million, a 56.1% to 43.9% split, according to DefiLlama on-chain data. Current figures cited in the original report place $RLUSD supply at $818 million on XRPL against $681 million on Ethereum, with the roughly $1.5 billion total shrinking since June as Ripple continued burning on Ethereum and minting on XRPL. With XRPL now holding the largest share of the RLUSD supply, the data provide a concrete example of the stablecoin-focused evolution Ferraioli described.

Sources:
The Crypto Basic: Charles Schwab Crypto Exec Says XRP Ledger Is Evolving Into a Stablecoin Network
TheStreet Crypto: RLUSD supply on XRP Ledger vs. Ethereum breakdown
The Crypto Basic: XRP Ledger Processes $4.28B in Stablecoin Transfers as RLUSD Dominance Grows