Ethereum overtakes XRP Ledger in RLUSD stablecoin supply with $989 million

Ripple stablecoin sees supply milestone

Ripple, a fintech company known for its cross-border payments solutions and development of the XRP Ledger, has been managing RLUSD liquidity across multiple blockchain networks since the stablecoin’s launch. RLUSD debuted in December 2024 as a multi-chain asset native to both Ethereum and the XRP Ledger.

Within the past 24 hours, Ethereum registered significant RLUSD activity with $73.8 million minted and $23.5 million burned on August 20, followed by another $53.2 million minted and $15 million burned on August 21. This recent activity outpaced the XRP Ledger, where $36.1 million RLUSD was minted with $15.4 million burned on August 20, and $12.5 million minted and $6.5 million burned on August 21.

According to the Ripple stablecoin tracker’s X account, Ethereum saw two large RLUSD mint transactions of 25 million and 20 million, as well as three additional mint events of 20 million, 14 million, and 16 million. During the same window, XRP Ledger’s largest mint was for 10 million RLUSD.

The total RLUSD circulating supply now stands at $1.939 billion, a new all-time high for the stablecoin, bringing it close to the $2 billion milestone across both networks.

Increasing competition between blockchains

The RLUSD stablecoin offers users direct access through both Ethereum and the XRP Ledger. Ethereum is a widely used, decentralized blockchain known for its robust smart contract platform, while the XRP Ledger is designed for fast and efficient digital payments.

Ripple previously recorded the XRP Ledger surpassing Ethereum in RLUSD supply in June, but the latest inflows have now shifted the balance back to the Ethereum network.

Observers note that the XRP community is closely monitoring these supply changes as they could signal broader trends in multi-chain adoption for stablecoins.

RLUSD has reached an all-time high circulating supply of $1.939 billion, nearly double its level in previous months and quickly approaching the $2 billion milestone. The latest network data highlight Ethereum’s renewed dominance in RLUSD liquidity following heavy minting activity.

Ripple’s ongoing adjustments to RLUSD liquidity continue to impact the dynamics between Ethereum and the XRP Ledger, with both platforms accounting for significant shares of the growing stablecoin market.

The increased activity on Ethereum indicates both continued institutional interest in the network and the versatility provided by having RLUSD available across multiple blockchains.

It remains to be seen whether the XRPL can regain its lead in RLUSD supply or if Ethereum will expand its current advantage in the coming weeks.

Ripple officials have yet to comment publicly on the supply shift, while tracking accounts highlight the market’s anticipation of further developments.

Mini dictionary: RLUSD is Ripple’s US dollar-pegged stablecoin, designed to operate on both the Ethereum and XRP Ledger blockchains. Its dual-network capabilities aim to provide seamless cross-platform liquidity and accessibility.