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Ripple's own stablecoin is routing more activity through Ethereum than through the network Ripple built, according to Coinpedia.
The arrangement puts on-chain reality at odds with the company's long-standing pitch that its product suite drives demand for $XRP.
What the Chain Shows The core tension is structural: Ripple created a stablecoin, but the stablecoin's activity gravitates toward $ETH infrastructure rather than the XRP Ledger.
That's not a messaging problem — it's a flow problem. Stablecoin volume that settles on Ethereum generates fee revenue and validator demand for that network, not for XRP.
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