Ethereum Pulls Ahead in RLUSD Supply with $350 Million Lead

Ripple has shifted another large sum of RLUSD from the XRP Ledger to Ethereum, further solidifying Ethereum's lead in the RLUSD supply. According to on-chain transactions highlighted by U.Today, approximately $1.36 million was removed from circulation on XRPL and an identical amount was minted on Ethereum just seconds later.

This latest transfer has widened the gap between the two blockchains, with Ethereum now holding around 57.3% of the total RLUSD supply, valued at roughly $1.38 billion, while XRP Ledger trails behind with approximately 42.7%, or $1.03 billion. This represents a lead near $350 million for Ethereum.

Ripple's dual-chain strategy has always positioned Ethereum as an additional liquidity venue, rather than a replacement for XRPL, and this latest move is in line with that approach. RLUSD can interact with lending markets, decentralized exchanges, and liquidity pools across Ethereum's mature financial ecosystem, which may be contributing to the increased demand.

The total circulating supply of RLUSD has grown significantly since June, when XRP Ledger briefly overtook Ethereum for the first time. Ripple's latest transparency figures show $2.396 billion circulating as of Sept. 3, against $2.518 billion in reserve assets.