Ethereum Dominates Stablecoin Market, Tests $2,800 Ceiling
Ethereum's position as a leading hub for on-chain assets remains strong, with recent data showing it holds more Ripple's RLUSD stablecoins than the XRP Ledger. According to DefiLlama, Ethereum holds around $1.27 billion of RLUSD, compared to $1.24 billion on XRPL. This is a significant shift, as just days ago Ethereum held about $1.40 billion against $1.12 billion on XRPL. The total RLUSD supply has barely changed, suggesting a move between chains rather than new issuance.
The data does not necessarily indicate a lasting migration of assets, as a single venue or client moving funds can cause such a swing. However, it does highlight Ethereum's continued dominance in the stablecoin market, with a total supply of around $146.2 billion. Tether's USDT makes up just over half of this amount, and Ethereum also leads in tokenized commodities, adding $128.2 million in market cap in September compared to $10.8 million on Robinhood Chain.
Looking at Ethereum's price, it is testing a key ceiling near $2,800, a level it reached in September. A daily close above this price would confirm a breakout and open the way toward $3,375, where ETH stalled in late 2025 and early 2026. However, the RLUSD shift is not seen as a price catalyst, and traders should watch volume and the $2,800 level before reading too much into stablecoin flows.