Ripple’s RLUSD stablecoin has crossed the $2 billion milestone after Ripple minted more than $540 million on the XRP Ledger (XRPL) over the past 30 days.
According to on-chain data from a community-driven RLUSD tracker, RLUSD’s circulating supply has reached $2.08 billion, marking the first time the stablecoin has crossed $2 billion since its launch in December 2024.
At this market cap, RLUSD remains the eighth-largest stablecoin by valuation, but needs another $690 million to overtake PayPal USD (PYUSD) and become the seventh-largest.
Despite ranking eighth, RLUSD has the fourth-largest 24-hour trading volume among the top eight stablecoins, indicating it records more trading activity than some higher-valued stablecoins.
The $2 billion milestone comes as Ripple has increased RLUSD minting toward the end of August. Over the past 30 days, Ripple minted $1.13 billion worth of RLUSD and burned $643.5 million, resulting in a net supply increase of more than $486 million over the period.
Ethereum Overtakes XRP in RLUSD Supply
Most of the recent mints have taken place on Ethereum, while the majority of the burns have occurred on the XRP Ledger. This has allowed Ethereum to overtake XRPL again in terms of RLUSD supply.
Of the $2.08 billion RLUSD supply, $1.124 billion now sits on Ethereum, while the XRP Ledger holds $956.67 million. The recent change reverses the situation from just a few weeks ago, when XRPL held more RLUSD than Ethereum.
Specifically, over the past 30 days, Ripple minted $540.4 million worth of RLUSD on XRPL but burned $478.3 million. This left the XRP Ledger with a relatively small $62.1 million net supply increase during the period.
Ethereum recorded $592.2 million in RLUSD mints over the same period, while Ripple burned only $165.2 million. As a result, Ethereum recorded a much larger $427 million net supply increase. Overall, about 87% of the new RLUSD supply added over the past 30 days went to Ethereum.
Ethereum Records Higher RLUSD Growth Than XRPL
The pace of RLUSD minting on Ethereum increased last week as XRP and the broader crypto market began a recovery campaign. From Aug. 18 to 21, Ethereum recorded four consecutive days of positive intraday RLUSD supply changes, adding a combined $220.4 million.
Ethereum added $133.9 million on August 21 alone, marking the largest intraday RLUSD supply addition recorded on the network. Before that, Ethereum also saw significant additions of $105 million on August 14 and $48 million on August 5. These increases contributed to RLUSD reaching the $2 billion milestone.
The XRP Ledger also recorded several days of strong RLUSD minting, but the increases remained smaller than those on Ethereum. In addition, large burns on XRPL limited the network’s overall supply growth.
Between Aug. 18 and 21, XRP Ledger recorded a net RLUSD supply increase of $89 million. Its largest intraday mint reached $91 million on August 3, but this increase was overshadowed by a large $121.5 million burn on July 31.
With Ethereum now holding $1.124 billion in RLUSD compared with $956.67 million on XRPL, the distribution between the two networks has shifted again. It remains to be seen whether Ripple will resume larger RLUSD mints on the XRP Ledger as it continues expanding the stablecoin beyond the $2 billion milestone.
