RLUSD Supply Surges on Ethereum, Outpacing XRP Ledger

Ripple's dollar-pegged stablecoin RLUSD has seen significant growth on the Ethereum network, surpassing XRP Ledger in supply. Over the past 30 days, RLUSD supply on Ethereum surged by around 93%, reaching approximately $1.33 billion, while XRP Ledger holds about $1.04 billion.

The increase is attributed to aggressive minting activity, with $1.39 billion worth of RLUSD minted and $606.8 million burned during this period. This growth has landed disproportionately on Ethereum, accounting for around 84% of the total increase in market capitalization.

RLUSD's largest concentration on Ethereum is held within Aave's lending contracts, with approximately $330 million. Ripple's own deployer wallet accounts for another $114 million. Average holder balances also reinforce an institutional tilt, with RLUSD holders on Ethereum holding around $106,000, compared to about $15,000 on XRP Ledger.

The split between the two networks is due in part to Ripple's positioning of RLUSD as a dual-chain asset. While XRP Ledger is geared towards fast and cheap transactions for cross-border payments, Ethereum provides deeper liquidity and composability for DeFi applications. Institutional counterparties have increasingly preferred settling on Ethereum, where their other DeFi positions reside.