The XRP Ledger blockchain is rapidly losing its monopoly on hosting Ripple’s main dollar-denominated asset, the RLUSD stablecoin. Fresh capital flows are now moving to Ethereum, forcing the market to ask — is the ecosystem’s “North Star”, the XRP token itself, taking a back seat?
Recently, the automated tracker recorded an on-chain transaction on Etherscan as Ripple issued another batch of 50 million RLUSD tokens on the Ethereum network. Following this massive injection, the coin’s total circulating supply reached $1,629,275,517, coming close to its record internal issuance limit.
Ethereum is now breathing down XRP Ledger’s neck, with the two networks reaching almost perfect parity:
- On XRP Ledger: $817,531,386 (50.18%)
- On Ethereum: $811,744,131 (49.82%)
The gap has narrowed to a symbolic $5.7 million, and judging by the dynamics of the past month, Ethereum could overtake Ripple’s native network within days.
While XRP Ledger is experiencing a net liquidity outflow — over the past 30 days, $42.3 million more RLUSD has been burned there than issued — Ethereum is experiencing a real boom.
Over the same period, the stablecoin balance on Ethereum increased by $173.4 million. Capital is literally flowing from one network to the other.
Why millions in new RLUSD are flowing to Ethereum instead of XRPL
For large businesses and decentralized finance (DeFi), Ethereum remains the world’s leading blockchain platform, where the majority of stablecoin volumes are concentrated. In this environment, corporate clients and banks prefer the proven ERC-20 infrastructure and RLUSD’s predictable exchange rate.
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Meanwhile, XRP is indeed being left on the sidelines — its high volatility may be making it less suitable for cross-border settlements.
So, it seems Ripple is pragmatically adapting to market demand by pumping liquidity into Ethereum, even if this undermines XRP Ledger’s monopoly in the eyes of its supporters.
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