Ethereum Surpasses XRP Ledger as Dominant Platform for Ripple's Stablecoin

Ripple's regulated dollar stablecoin RLUSD has reached a record circulating supply of about $2.44 billion, with most new tokens issued since July landing on Ethereum rather than Ripple's own XRP Ledger (XRPL).

Launched on both chains under a New York trust charter, RLUSD was designed to use XRPL for fast, low-cost payments and Ethereum for deep DeFi liquidity. While XRPL briefly caught up in mid-2026, Ethereum now holds about 56.5% of RLUSD supply, driven by strong DeFi demand and institutional holdings.

Ripple manages liquidity across both chains but the majority of recent growth favors Ethereum, raising questions about XRPL's future dominance as payment volumes scale.