Ethereum Flips XRP Ledger in RLUSD Supply: What Changed?

According to the Ripple stablecoin tracker website, Ethereum has now overtaken the XRP Ledger in RLUSD supply.

Based on current data supplied by the page, RLUSD circulating supply on the XRP Ledger is now $941.36 million, which has been surpassed by that of Ethereum, which is $989.34 million.

The change comes as Ripple continues to adjust RLUSD liquidity across its supported blockchain networks. Specifically, the last 24 hours have seen more RLUSD minted on Ethereum than on the XRP ledger, with larger activity in favor of the former (Ethereum). 

On August 20, $73.8 million RLUSD was minted on ethereum with $23.5 million burned. On August 21 so far, $53.2 million RLUSD was minted on Ethereum with $15 million burned. 

This surpasses XRP Ledger, which saw $36.1 million RLUSD minted on August 20 and $15.4 million RLUSD burned in this timeframe. So far on August 21, $12.5 million RLUSD was minted on the XRPL and $6.5 million burned. 

Ripple stablecoin tracker X account details some of these transactions over the last 24 hours.

In recent hours, two transactions of 25,000,000 RLUSD and 20,000,000 RLUSD minted on Ethereum were reported, while 10,000,000 RLUSD was burned on the blockchain. One transaction of 10,000,000 RLUSD minted on XRP Ledger was reported. Another three transactions of 20,000,000 RLUSD, 14,000,000 RLUSD and 16,000,000 RLUSD minted on Ethereum were reported within the last 24 hours. 

RLUSD nears $2 billion in circulating supply

With the ongoing activity, the RLUSD total circulating supply is fast approaching the $2 billion milestone, currently at $1.93 billion according to the Ripple stablecoin tracker page.  The current figure of $1.939 billion in total circulating supply marks an all-time high for the Ripple USD (RLUSD) stablecoin, which launched in December 2024. 

RLUSD was launched with support for both the XRP Ledger and Ethereum, allowing its access across two major networks.

In June, the XRP Ledger surpassed the Ethereum blockchain in RLUSD circulating supply for the first time. Now, a recent supply shift has flipped this tide, and the XRP community is watching what comes next.