The XRP Ledger briefly overtook Ethereum as the largest host of Ripple USD, marking the first time RLUSD supply on XRPL moved ahead of its Ethereum deployment. The shift put XRPL at $801 million in RLUSD against $795 million on Ethereum, a narrow but symbolic flip for a stablecoin that had previously been dominated by Ethereum liquidity.
The lead moved quickly. A later DeFiLlama snapshot placed total RLUSD circulation near $1.586 billion, with Ethereum at about $793.12 million and XRPL at about $792.53 million. That left the two chains almost even, showing how active minting, burns and chain allocation can change the ranking within hours.
The milestone still changes the market narrative around RLUSD. Earlier this year, Ethereum held most RLUSD supply, limiting the stablecoin’s direct contribution to XRP Ledger activity. XRPL now has enough RLUSD supply to challenge Ethereum at the top of Ripple’s own stablecoin distribution.
RLUSD Moves Closer To XRPL Utility
RLUSD is natively issued on both XRP Ledger and Ethereum and is designed to stay redeemable 1:1 for U.S. dollars through cash and cash-equivalent reserves. That two-chain setup gave Ripple access to Ethereum’s deeper DeFi liquidity while keeping the stablecoin connected to XRPL’s payment and settlement rails.
The XRPL supply growth matters because stablecoin depth can make a chain more useful for payments, trading pairs, treasury transfers and tokenized-asset settlement. A larger RLUSD base gives XRPL users more dollar liquidity inside the same network where XRP already functions as the native asset.
The change also lands during a broader increase in XRP Ledger activity. XRPL recently led 90-day RWA inflows with $1.9 billion, ahead of Ethereum, Stellar, BNB Chain and Solana in a tracked real-world asset flow snapshot that excluded stablecoins.
Ripple’s Stablecoin Strategy Broadens
Ripple has been pushing RLUSD beyond simple exchange balances. Its recent Flutterwave stake tied RLUSD, Ripple Payments and XRP Ledger settlement to African payment corridors, giving the stablecoin a clearer role in remittances and business payments.
Developer activity is also moving in the same direction. Ripple’s XRPL AI toolkit supports XRP and RLUSD for agent payments, placing the stablecoin inside small, programmable transaction flows rather than only large exchange transfers.
The XRPL-Ethereum balance remains fluid, with the latest DefiLlama numbers showing less than $1 million separating the two chains. RLUSD circulation is now near $1.586 billion, and the next sustained signal will be whether XRPL can hold stablecoin supply above Ethereum after new mints, burns and institutional settlement flows move through Ripple’s two-chain structure.
