Ethereum Still Dominates RLUSD Supply Despite Ripple’s XRPL Push

CoinEdition2026/06/16 15:48

By:CoinEdition

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Despite Ripple positioning RLUSD as the main stablecoin for the XRP Ledger (XRPL), Ethereum remains the network hosting the largest share of the stablecoin’s supply.

According to Protos, approximately $879 million RLUSD is circulating on Ethereum, while $760 million is on the XRP Ledger. Ethereum hosts roughly 53% to 54% of the total RLUSD supply, and the XRP Ledger accounts for about 46% to 47%.

Still, XRP Ledger has been steadily gaining ground, considering that Ethereum hosted nearly 88% of RLUSD supply at one point.

Ripple launched RLUSD in December 2024 as a regulated US dollar-backed stablecoin available on both Ethereum and XRPL from the start. The goal was to pull in banks, payment firms, exchanges, and DeFi users, not just XRP holders.

Ethereum was a natural choice since it is the largest smart contract ecosystem for stablecoins. For institutions, Ethereum already had and still has deep liquidity, large DeFi markets, solid custody options, and wide support across exchanges.

As such, it was a good place for RLUSD to gain adoption quickly.

On top of that, DeFi utility is stronger on Ethereum, which means RLUSD can be used across lending and liquidity protocols.

That said, from Ripple’s perspective, the measure of success is RLUSD adoption itself, irrespective of which blockchain hosts it. Whether RLUSD resides on Ethereum or XRPL, Ripple benefits from more people using its regulated stablecoin system.

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One of the biggest recent developments is Ripple’s push to grow RLUSD adoption outside the United States. The company announced that its dollar‑backed stablecoin is now available in Türkiye through local partners, including BiLira, Bitexen, and Bitlo.

Additionally, Gate.io, a global centralized cryptocurrency exchange and blockchain platform, officially added support for RLUSD trading on June 15. Trading pairs include: RLUSD/USDT, RLUSD/BTC, RLUSD/ETH, and RLUSD/XRP.

Earlier this month, Mastercard announced expanded settlement capabilities that include RLUSD. According to the Payment Card Services Corporation, adding RLUSD shows there’s a rising demand for regulated stablecoins built for actual financial use.

Related: Ripple’s RLUSD Stablecoin Goes Multichain via Wormhole NTT: What Does This Mean for XRP Users?

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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