Ethereum Overtakes XRP Ledger in RLUSD Supply

Ethereum has overtaken the XRP Ledger in RLUSD supply, with DeFiLlama's data showing that Ethereum holds a larger balance of $1.014 billion in RLUSD, while the XRP Ledger holds $1.014 billion. This shift in balance does not imply that the Ethereum version of RLUSD is a different claim on the reserves than the XRP Ledger version, as RLUSD is natively issued on both blockchains and is backed by cash and cash equivalents, redeemable 1:1 for US dollars.

The XRP Ledger has grown faster in percentage terms over the past month, but the absolute lead of Ethereum in RLUSD supply is substantial. The data does not explain why customers moved or minted the tokens, and it cannot identify which clients drove the change.

RLUSD is issued on both Ethereum and the XRP Ledger, with availability on other networks through Wormhole. The two principal chains remain the most direct places to examine its distribution. Holding balances are not the same as transaction volume, trading activity, or payments demand, and a large balance on Ethereum may reflect issuance into a particular venue or client.

For XRP holders, there is another limitation: companies can hold and transfer RLUSD without buying XRP, so RLUSD growth does not create one-for-one demand for XRP. XRP Ledger transactions still require XRP to pay fees, which may create some additional fee demand as activity rises, but the relationship is limited.