What is the biggest stablecoin on the XRP Ledger?

RLUSD, issued by Ripple, with about 1.02B in circulation on the ledger and 67,572 holders.

Are two “USD” tokens the same?

No. A token is its code plus its issuer, so USD from one gateway and USD from another are different tokens, each only as good as the issuer that redeems it. Check the issuer address before buying.

Do stablecoin pools avoid impermanent loss?

Only when both sides are stable. A pool of RLUSD and USDC barely moves; a pool of RLUSD and XRP moves as far as XRP moves against the dollar.

Insights

Stablecoins on the XRP Ledger

A stablecoin on the XRP Ledger is a token whose issuer promises to redeem it for a currency, one for one. The ledger carries several, from Ripple’s RLUSD and Circle’s USDC to dollars and euros issued by older gateways. Which ones matter, what each rests on, and how to use them.

The largest, live

Stablecoin	Issuer	On the ledger	Holders	Price, USD
RLUSD	Ripple	1.02B	67,572	1.002
USDC	Circle	4.9M	10,395	1.000
CNY	RippleFox	29.8M	11,773	0.1487
USD	Bitstamp	4.3M	7,333	0.984
USD	GateHub	3.9M	20,450	0.974
EUR	GateHub	1.3M	15,126	1.123
USD	RippleFox	1.1M	250	0.999
EUROP	Schuman Financial	364K	290	1.026
USDT	GateHub	362K	1,743	1.002
USDC	GateHub	353K	2,137	0.997

The 10 largest of the 13 tokens tagged as stablecoins on xrpl.to, by market value, refreshed hourly. A euro, yuan or Australian dollar coin shows its own currency’s price in US dollars.

What each kind rests on

RLUSD is Ripple’s dollar, issued one for one against cash and US Treasuries, with regular independent attestations of the reserves (Ripple). It is also issued on Ethereum (RLUSD supply).
USDC is Circle’s dollar, issued natively on the XRP Ledger from the address Circle lists (Circle).
Gateway coins such as GateHub’s and Bitstamp’s USD and EUR are older IOUs: each is worth what its gateway will redeem it for, and many now trade little.

Using them on the ledger

Leave a position without leaving the ledger: swap a token into a stablecoin on the exchange built into it.
Send dollars: a payment settles in seconds for a network fee of a fraction of a cent; the recipient needs a trust line to the same issuer.
Provide liquidity: a pool of two dollar coins barely moves in price, but earns only what its trading pays: the RLUSD/USDC pool paid under 0.1% a year last week. RLUSD/XRP paid 4.1%, and moves as far as XRP does (impermanent loss).

Where to buy RLUSD with a card or on an exchange: where to buy RLUSD.

Questions

What is the biggest stablecoin on the XRP Ledger?: RLUSD, issued by Ripple, with about 1.02B in circulation on the ledger and 67,572 holders.
Are two “USD” tokens the same?: No. A token is its code plus its issuer, so USD from one gateway and USD from another are different tokens, each only as good as the issuer that redeems it. Check the issuer address before buying.
Do stablecoin pools avoid impermanent loss?: Only when both sides are stable. A pool of RLUSD and USDC barely moves; a pool of RLUSD and XRP moves as far as XRP moves against the dollar.