RLUSD Supply on XRP Ledger Overtakes Ethereum as Circulating Supply Hits $1.6B

Ripple’s stablecoin, RLUSD, hit a major milestone as the XRP Ledger (XRPL) has now surpassed Ethereum as the largest network hosting RLUSD supply.

Data from RLUSD Tracker shows that the supply on XRPL has climbed to about $801.8 million at press time. Meanwhile, Ethereum currently holds roughly $793.1 million. 

The shift marks a significant change from RLUSD’s launch in December 2024, when most of the stablecoin’s supply was on Ethereum.

XRP Ledger Becomes the Largest RLUSD Network

On Wednesday, community observers noted that XRPL was rapidly closing the gap with Ethereum. At the time, both networks held nearly identical RLUSD supplies of around $792 million and $793 million.

Now, updated figures show XRPL has taken the lead. According to RLUSD Tracker, a community-operated platform run by XRPL validator Vet, XRPL hosts $801,796,335 worth of RLUSD. Ethereum’s supply stands at $793,123,469.

The change has been driven by stronger issuance activity on XRPL. Over the past 24 hours, approximately 9.27 million RLUSD was minted on the network. Ethereum, meanwhile, saw lower minting activity and continued redemptions.

Ethereum Sees Heavy Redemptions

Network activity on June 24 showed Ethereum recorded roughly 29.08 million RLUSD burned, reducing its circulating supply. In contrast, XRPL saw more than 8.05 million RLUSD minted and only about 430,000 RLUSD burned.

The figures suggest demand for RLUSD on XRPL has remained steady. Ethereum, however, has experienced larger redemption flows, which have reduced its share of the total supply.

Notably, across both networks, RLUSD’s circulating supply now stands at approximately $1.596 billion.

Collectively, issuance and redemption activity have been significant over the past month. Around $442.6 million RLUSD has been minted during the last 30 days, while roughly $590.1 million has been burned.

Community Debates the Shift

The changing balance between Ethereum and XRPL sparked discussion across the XRP community.

Crypto commentator Zach Rector described the development as a positive sign for XRPL. “Liquidity coming to XRP Ledger,” he said.

Meanwhile, community member Kevin Walsh urged caution around liquidity-growth narratives. He argued that retail traders ultimately provide the liquidity that larger market participants use.

Japan Launch Supports Growth

The supply shift comes shortly after Ripple announced RLUSD’s official launch in Japan. The rollout followed approval from the country’s financial regulator.

Through Ripple’s partnership with SBI Group and SBI VC Trade, RLUSD will be available to both institutional and retail users on the VCTRADE platform.

Ripple described the launch as an important step for regulated stablecoin adoption across Asia. The company pointed to RLUSD’s roughly $1.6 billion market capitalization and its long-standing relationship with SBI. In sum, as RLUSD expands into new markets, liquidity could continue to flow into XRPL.