XRP Ledger Overtakes Ethereum as RLUSD Supply Reaches New Milestone

• XRP Ledger overtook Ethereum in RLUSD supply following major Ethereum token redemptions.
• RLUSD climbed eighth globally with nearly $1.6 billion market capitalization and strong volume.
• Ripple maintained Ethereum and XRPL roles through its expanding multichain stablecoin strategy.

Ripple’s USD stablecoin has reached a significant milestone as the XRP Ledger now holds more RLUSD than Ethereum for the first time. According to on-chain data from Ripple USD Tracker, XRP Ledger currently hosts $801.79 million worth of RLUSD, while Ethereum’s supply has declined to $795.59 million. The shift marks a notable change in the distribution of Ripple’s regulated stablecoin and highlights the company’s expanding multichain strategy.

Community members attributed the change to large client redemptions on Ethereum rather than increased issuance on XRP Ledger. Consequently, Ethereum’s circulating supply declined while XRPL maintained relatively stable demand. That combination allowed XRP Ledger to move ahead without a major increase in newly minted tokens. CoinMarketCap data also shows RLUSD approaching a market capitalization of $1.6 billion, alongside a daily trading volume of more than $166 million. The stablecoin now ranks eighth among the world’s largest stablecoins by market value, reflecting its continued growth in the regulated digital asset market.

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Ethereum Redemptions Shift RLUSD Supply

According to prominent XRP community voices, controlled burns of RLUSD on Ethereum significantly reduced the network’s circulating supply. Meanwhile, XRP Ledger recorded a more stable token balance throughout the same period. As a result, XRPL overtook Ethereum in total RLUSD circulation.

Even so, Ethereum continues serving an important role within Ripple’s broader ecosystem. Japan recently launched RLUSD through financial institutions using Ethereum as the initial blockchain because of its established banking integrations and mature infrastructure.

Ripple Strengthens Its Multichain Strategy

Some market participants viewed Ethereum’s role in Japan as a setback for XRP Ledger. However, according to XRPL Foundation representative Vet, Ethereum’s selection reflected infrastructure readiness rather than long-term network preference. Vet explained that Ripple intends to make RLUSD available across multiple blockchain networks to maximize institutional adoption and global accessibility.

That strategy allows Ethereum to remain compatible with existing financial systems while XRP Ledger continues to serve as Ripple’s native settlement network. Therefore, XRPL’s leadership in circulating supply reinforces its importance within Ripple’s ecosystem. Although Ethereum remains a key deployment network, the latest figures show that XRP Ledger has become the primary hub for RLUSD circulation as Ripple continues to expand its regulated stablecoin across international markets.

Conclusion

XRPL’s lead over Ethereum reflects changing RLUSD supply dynamics rather than a diminished role for Ethereum. Ripple continues relying on both networks as it expands the stablecoin’s presence across global financial markets.

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