Ethereum Stablecoin Supply Shifts Amid Testing of Key Resistance Level

Ethereum (ETH) continues to hold its position as a leading hub for on-chain assets, despite recent fluctuations in stablecoin supply. The total RLUSD supply has barely changed, but there has been a significant shift between Ethereum and XRP Ledger (XRPL).

Ethereum currently holds approximately $1.27 billion of RLUSD, compared to $1.24 billion on XRPL, with the two chains almost evenly split at around 51% and 49%, respectively.

This shift in stablecoin supply is not a price catalyst for Ethereum, but it does reinforce the platform's relevance as a settlement layer. With total stablecoin supply on Ethereum standing near $146.2 billion, up about $962 million over the past week, Ethereum remains the dominant player in this space.

Ethereum is currently testing a key resistance level at $2,800, and traders are waiting for stronger volume before making any significant moves. A daily close above $2,800 would confirm a breakout and open the way toward $3,375, where ETH stalled in late 2025 and early 2026.