Recently, activity related to XRP has become more active. In addition to the revival of capital inflows into ETFs, the number of developers on the XRP Ledger has increased, and discussions surrounding RLUSD are also heating up.

First, regarding ETF inflows. Over the past few days, $9.09 million has flowed in, bringing the total inflow to $1.22 billion. However, a noteworthy point is that inflows and outflows are mixed. Some days show profits, while on other days small withdrawals are observed. This indicates that investors are taking cautious buying approaches, exploring the market rather than making large moves. The current AUM is approximately $968 million. The price is around $1.41 at the time of writing, and the trend is still unstable. However, the fact that capital inflows into ETFs have turned positive again is significant. After a temporary hesitation, funds are returning, which could support market sentiment.

Another interesting aspect is the development activity on the XRP Ledger. Over the past year, the number of developers has increased by 10%, and over two years, it has grown by 92%. This is a different trend compared to the overall decline in new developers across the crypto asset space. Since the data is based on GitHub, it may not include private work, so actual growth could be even larger. An increase in developers suggests more active building on the network, potentially leading to new tools and services. While this may not immediately impact prices, it could lay the foundation for long-term growth.

What is also attracting attention is RLUSD. The reason why competition with USDC in the stablecoin market is gaining focus is due to changes in the regulatory environment. Under the CLARITY Act proposal, passive yields on stablecoins might be prohibited, which would eliminate one of USDC’s key features. Previously, platforms offered about 4% returns to USDC holders, but if this regulation passes, such returns might no longer be permitted. When this draft was announced, Circle’s stock dropped over 20% on March 24.

Meanwhile, RLUSD operates under a different mechanism. Interestingly, RLUSD reached a market cap of $1.25 billion within 15 months, achieved without offering additional returns to users. Ripple holds an OCC banking charter, which could give it an advantage in regulatory changes. On the other hand, Circle continues to work toward obtaining similar approval.

Considering RLUSD’s growth pace and the regulatory environment changes, the dynamics of the stablecoin market could shift. USDC remains strong, but the gap between the two may fluctuate over time. Investors are trying to gauge institutional interest in these assets through data on capital flows into XRP ETFs. RLUSD is currently attracting market attention, and it’s worth watching how this develops.