RLUSD Stablecoin Hits $2.44 B Supply Record, Ethereum Now Holds Majority

Ripple’s RLUSD stablecoin set a new all‑time high of $2.442 billion in total supply this week, according to data aggregators. The surge reflects a 41 % increase over the past 30 days, with most of the new dollars appearing on Ethereum rather than the XRP Ledger.

Supply Growth and Chain Distribution

Defillama reported RLUSD circulation at $2.42 billion on Sep 14, up from about $2.41 billion a week earlier and $1.72 billion a month earlier. The split between blockchains has reversed since July 2026:

• Ethereum: $1.37 billion (≈ 57 % of total)
• XRP Ledger: $1.05 billion (≈ 43 % of total)

In July, the XRP Ledger held $907.2 million (≈ 59 %) while Ethereum held $632.2 million. Since then, Ethereum’s balance grew by roughly $737 million, whereas the XRP Ledger added about $146 million.

Factors Behind the Rise

Several developments coincided with the supply increase:

• RLUSD launched on Korea’s major exchanges (Upbit on Jul 27, Bithumb on Jul 29), generating $11.81 billion in transfers across 1.39 million transactions by Aug 25.
• Ripple expanded RLUSD to additional networks—including Optimism, Base, Ink, Unichain and the XRPL EVM Sidechain—via Wormhole in June.
• U.S. spot XRP ETFs recorded $1.68 billion in cumulative inflows since launch, with recent weekly inflows of $5.14 million, supporting broader XRP ecosystem demand.

Regulatory and Custody Framework

RLUSD is issued under a New York Department of Financial Services limited‑purpose trust charter held by Ripple’s subsidiary Standard Custody & Trust Company, with BNY Mellon serving as the primary reserve custodian.

Outlook

The XRP Ledger’s stablecoin base now ranks 11th among all networks, slightly ahead of Aptos and Plasma. Monitoring whether the XRP Ledger’s share of RLUSD rebounds will be key as XRP ETFs continue to attract capital.