Ripple's stablecoin is fading away on popular chain, XRP crashes

The massive growth of RLUSD on the XRP Ledger—now crushing Ethereum with a 56% market share—is actually a warning sign for XRP holders. RLUSD is effectively cannibalizing XRP’s only real use case as a bridge asset. Institutions no longer need to buy XRP to move value; they can just use stablecoins. Since minting RLUSD requires zero XRP and transaction burns are worth mere fractions of a cent, is XRP becoming obsolete on its own network? What’s the point of holding it now?
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