💵 Ethereum overtakes XRP Ledger in RLUSD supply as Ripple shifts liquidity 💵
Ethereum now holds more RLUSD than the XRP Ledger, with the stablecoin’s total circulating supply approaching $2 billion as Ripple increases minting activity on Ethereum.
🔑 Key points
🔹 Ethereum leads in supply: Ethereum holds approximately $989.34 million in RLUSD, compared with roughly $941.36 million on the XRP Ledger.
🔹 Total supply nears $2 billion: RLUSD circulation reached approximately $1.93 billion, an all-time high since its December 2024 launch.
🔹 Ethereum minting accelerated: On August 20, approximately $73.8 million in RLUSD was minted on Ethereum while $23.5 million was burned.
🔹 XRP Ledger activity was smaller: The XRPL recorded approximately $36.1 million in RLUSD minting and $15.4 million in burns during the same period.
🔹 August 21 activity also favored Ethereum: Ethereum recorded approximately $53.2 million in minting compared with $12.5 million on XRPL at the time of reporting.
🔹 XRP Ledger previously led: In June 2026, XRPL surpassed Ethereum in RLUSD supply before Ethereum reclaimed the lead.
🔹 Ripple controls distribution: The shift reflects how Ripple is adjusting RLUSD liquidity across its supported blockchains.
🔹 Ethereum offers deeper liquidity: Ethereum’s larger DeFi ecosystem and broader institutional usage may be attracting more RLUSD activity.
🔎 Why it matters
🔹 XRPL leading in RLUSD supply was often viewed as evidence of the network’s central role in Ripple’s stablecoin strategy.
🔹 Ethereum taking the lead suggests RLUSD adoption is becoming more multichain and less dependent on XRP Ledger activity.
🔹 Supply movement between networks does not automatically indicate permanent user preference; Ripple can mint, burn, and rebalance tokens as demand changes.
🔹 The important metric is not only where RLUSD is held, but where it is actually used for payments, settlement, lending, and DeFi liquidity.
🎯 Bottom line: Ethereum has overtaken the XRP Ledger in RLUSD supply as Ripple expands stablecoin liquidity across networks. The shift strengthens Ethereum’s role in the RLUSD ecosystem, but it does not mean XRPL has failed—rather, it shows Ripple is treating RLUSD as a multichain dollar rather than a stablecoin tied exclusively to its own ledger.
https://u.today/ethereum-flips-xrp-ledger-in-rlusd-supply-what-changed/