RLUSD hits $1.63B but Ethereum holds 53% of Ripple's stablecoin supply

Ripple's RLUSD stablecoin has grown to $1.63 billion in circulation, yet more than half the supply sits on Ethereum, not the XRP Ledger.

Ripple's dollar-backed stablecoin RLUSD has reached $1.63 billion in total circulation, with $879 million — or 53 percent — on Ethereum and $760 million on the XRP Ledger, according to data from Protos.

"RLUSD activity burns only negligible XRP, so benefits to XRP holders and supply reduction remain limited," the Protos analysis published Tuesday said.

The distribution marks a significant shift from October 2025, when roughly 88 percent of all RLUSD supply — worth about $1 billion at the time — sat on Ethereum, with just $91 million on XRPL. Over the past eight months, XRPL has steadily gained ground, narrowing Ethereum's share from 81 percent at the end of 2025 to 53 percent today.

The gap highlights a structural challenge for Ripple: while RLUSD adoption is growing, Ethereum's larger DeFi ecosystem — including integrations with Aave, Curve and Morpho — continues to drive the majority of activity. For XRP holders, rising RLUSD usage does not meaningfully reduce token supply, as transaction fees on XRPL burn only negligible amounts of XRP.

Ethereum's DeFi Moat

Ethereum's advantage stems from deeper liquidity and a larger user base across lending and trading protocols. Ripple added RLUSD to Aave in 2025, and platforms such as Curve and Morpho have also supported the stablecoin, giving users more opportunities to lend, borrow and earn returns. These integrations have encouraged holders to keep a significant portion of RLUSD on Ethereum rather than moving it to XRPL.

XRPL's Adoption Gap

While XRPL's stablecoin supply has climbed to $762 million, the ledger's tokenized real-world asset sector shows limited participation. The number of RWA holders on XRPL hovers around just 110, according to industry data, suggesting infrastructure without broad usage. Monthly stablecoin transfer volume on XRPL has reached roughly $4.71 billion, pointing to growing activity — but the gap between building rails and attracting users remains visible.

Ripple is making progress on the payments and stablecoin front, but turning that into vibrant on-chain DeFi usage remains the bigger challenge. The foundation is getting stronger; the question is who shows up to use it.

This article is for informational purposes only and does not constitute investment advice.