RLUSD Surges Past $2.4B, with Most New Supply Held on Ethereum

The Ripple token RLUSD set a record high of $2.442 billion in circulation on September 14, a 41% increase from August 25. The number has been rising steadily over several weeks, with RLUSD crossing $2 billion by the end of July.

Interestingly, the majority of this new supply is not stored on the XRP Ledger, as was the case in July. Instead, it is now mostly held on Ethereum, which saw its balance more than double to $1.37 billion. The XRP Ledger still holds a significant amount, $1.05 billion, but has added only about $146 million since July.

RLUSD's growth can be attributed in part to the launch of spot XRP exchange-traded funds (ETFs), which have seen 11 straight sessions of inflows worth $170 million through September 1. This is likely contributing to the overall increase in demand for RLUSD.