Ethereum Surpasses XRP Ledger in RLUSD Holdings as Supply Approaches $2 Billion

Ethereum now holds a larger share of Ripple USD (RLUSD) than the XRP Ledger, reversing the previous distribution of the stablecoin’s supply across the two networks. Data from the Ripple Stablecoin Tracker shows Ethereum holding $989.34 million in RLUSD, compared with $941.36 million circulating on the XRP Ledger.

Combined circulation stands near $1.93 billion, placing Ripple’s dollar-backed stablecoin close to the $2 billion supply threshold. The shift follows a period in June when the XRP Ledger briefly held the larger balance. Increased minting activity on Ethereum has since altered the distribution, leaving that network with approximately $48 million more RLUSD than the XRP Ledger.

Ethereum Minting Activity Drives the Change

On 20 August, Ethereum recorded $73.8 million in RLUSD mints while approximately $23.5 million was removed through burns. The following day, the network added another $53.2 million in mints and removed roughly $15 million from circulation.

During the same period, the XRP Ledger registered $36.1 million in mints on 20 August alongside approximately $15.4 million in burns. On 21 August it recorded a further $12.5 million in mints and about $6.5 million in burns.

The higher net issuance on Ethereum across both days enabled its circulating balance to move ahead of the XRP Ledger. Several large transactions contributed to the change. Two Ethereum transactions minted 25 million and 20 million RLUSD respectively, while another removed 10 million tokens. Three additional transactions minted 20 million, 14 million and 16 million RLUSD within the reported 24-hour window. The XRP Ledger recorded a separate 10 million RLUSD mint during the same timeframe, indicating that issuance remained active even as Ethereum processed larger volumes.

RLUSD Supply Approaches $2 Billion

Total circulating supply of RLUSD now stands near $1.939 billion, the highest level recorded since the stablecoin’s launch in December 2024. Ripple introduced RLUSD with simultaneous support for both Ethereum and the XRP Ledger, establishing distribution across two established networks from the outset.

The XRP Ledger overtook Ethereum in June, illustrating how variations in minting and burning can quickly adjust the balance between the two chains. Ethereum has since regained the leading position through higher issuance volumes. Despite the change, the XRP Ledger continues to host more than $941 million in RLUSD, retaining a substantial share of the overall supply.

Ethereum currently leads by roughly $48 million, while the combined circulation remains approximately $61 million below the $2 billion mark.