RLUSD deposits increase by $17.5M on Morpho Blue as stablecoin deepens DeFi footprint

Ripple’s RLUSD stablecoin just added roughly $17.5 million in fresh deposits on Morpho Blue over the past 30 days. For a stablecoin that launched with ambitions well beyond simple payments, the steady accumulation on Ethereum’s permissionless lending protocol suggests the strategy is working.

The Sentora RLUSD Main Vault, which manages risk parameters and collateral approvals on Morpho Blue, now holds approximately $280 million in RLUSD deposits. That figure represents a roughly 40% increase compared to the previous month.

What Morpho Blue actually does here

Morpho Blue operates differently from monolithic lending protocols like Aave or Compound. Instead of pooling all assets together in shared liquidity pools, it isolates each market into discrete lending pairs. Each asset pair has its own risk profile, its own liquidation parameters, its own contained blast radius if something goes wrong.

For RLUSD, this architecture matters. Lenders depositing the stablecoin into Morpho Blue vaults aren’t exposed to the risk characteristics of every other asset on the platform. They’re only exposed to whatever collateral is paired against RLUSD in that specific market.

The vault’s risk management falls to Sentora, the firm previously known as IntoTheBlock. Sentora handles collateral approvals and sets the parameters that govern how much can be borrowed against different asset types.

FXRP integration opens a new borrowing lane

On August 3, 2026, Flare announced the integration of FXRP as collateral in the Sentora RLUSD vault. FXRP is Flare’s Ethereum-native wrapped version of XRP, and its addition created an isolated FXRP/RLUSD market on Morpho Blue.

XRP holders who wrap their tokens into FXRP can now borrow RLUSD against that collateral without selling their underlying position.

RLUSD’s regulatory positioning

RLUSD is regulated by the New York Department of Financial Services, with reserves fully backed by cash and short-term US Treasuries.

The stablecoin market remains dominated by Tether’s USDT and Circle’s USDC, both of which command hundreds of billions in combined market capitalization. RLUSD’s $280 million vault on a single protocol won’t threaten those incumbents anytime soon.