Ripple's RLUSD Stablecoin Floods onto Ethereum Network

Ripple's RLUSD stablecoin is being issued on the Ethereum network in increasing amounts, threatening to upend its dominance on the XRP Ledger. In a recent transaction, Ripple pumped another 50 million RLUSD tokens onto Ethereum, bringing the total circulating supply to $1,629,275,517, just shy of its internal record limit.

The Ethereum network is now closing in on XRP Ledger's market share, with the two nearly neck and neck. The gap between them has narrowed to a mere $5.7 million, and it appears that Ethereum could soon overtake XRP Ledger as the preferred platform for RLUSD issuance.

Meanwhile, XRP Ledger is experiencing a net outflow of liquidity, with more RLUSD being burned than issued over the past 30 days. In contrast, the stablecoin balance on Ethereum has increased by $173.4 million during the same period.