Ethereum Reclaims Lead in RLUSD Supply as Minting Activity Shifts

Ethereum Takes the Crown Again

Ripple’s USD stablecoin (RLUSD) has witnessed a notable rebalancing across its supported blockchains, with Ethereum now hosting more of the stablecoin than the XRP Ledger, according to data from the Ripple stablecoin tracker. Ethereum’s current supply stands at $989.34 million, eclipsing the XRP Ledger’s $941.36 million by approximately $48 million. While the gap may appear modest, the shift signals a meaningful pivot in how RLUSD liquidity is flowing and settling across different blockchain networks.

Concentrated Minting Activity on Ethereum

The supply reversal stems from heavy minting activity favoring Ethereum over recent days. On August 20, Ethereum participants created $73.8 million in fresh RLUSD while burning $23.5 million, yielding net growth of roughly $50 million for that single day. The XRP Ledger, by contrast, recorded $36.1 million minted against $15.4 million burned during the same period—less than half the net activity seen on Ethereum. Activity intensified on August 21, as Ethereum processed an additional $53.2 million in new RLUSD with $15 million removed through burning, while the XRP Ledger recorded just $12.5 million minted and $6.5 million burned. Large Ethereum transactions included discrete minting events of $25 million and $20 million, along with separate operations of $20 million, $14 million, and $16 million. A $10 million burn event also occurred at the RLUSD Treasury during this window.

Total Supply Climbs to All-Time High

The sustained minting across both networks has propelled RLUSD’s total circulating supply to an all-time high of $1.939 billion. This milestone reflects substantial expansion since the stablecoin’s December 2024 launch, when it debuted with simultaneous availability on both the XRP Ledger and Ethereum. The supply distribution between networks has proven dynamic: in June, the XRP Ledger briefly claimed the top position for the first time since inception, but Ethereum’s recent surge has reversed that advantage. As RLUSD continues integrating into more exchanges, platforms, and trading venues, these supply flows will likely remain responsive to evolving market demand and user preferences across different blockchain ecosystems. The ongoing competition between networks for RLUSD liquidity demonstrates how Ripple’s multi-chain strategy plays out in real-time market conditions.

Source: Ripple stablecoin tracker, via U.Today. Not financial advice.