TL;DR
- Ripple has minted another $50 million in RLUSD on Ethereum, lifting the stablecoin’s total supply close to $1.63 billion.
- Ethereum and the XRP Ledger now hold nearly equal shares of RLUSD, with only about $5.7 million separating them. The shift does not necessarily weaken XRP.
- Instead, it shows Ripple is expanding RLUSD across multiple networks to reach deeper liquidity and institutional users.
XRP is facing a fresh question about its role in Ripple’s expanding payments ecosystem as RLUSD supply on Ethereum moves closer to the level held on the XRP Ledger. Ripple recently minted $50 million worth of RLUSD on Ethereum, pushing total circulating supply to roughly $1.63 billion.
The latest issuance highlights how quickly Ripple’s dollar-backed stablecoin is becoming a multichain asset. Rather than relying exclusively on its own ledger, Ripple is using Ethereum’s established liquidity infrastructure to broaden access to RLUSD and connect the asset with a much larger decentralized finance market.
XRP Faces A New Multichain Dynamic
According to the latest figures, the XRP Ledger holds approximately $817.5 million in RLUSD, representing 50.18% of the supply, while Ethereum accounts for about $811.7 million, or 49.82%. That leaves a gap of roughly $5.7 million between the two networks.
The distribution has changed rapidly. Earlier data showed the XRP Ledger holding a larger share after RLUSD briefly overtook Ethereum in June, demonstrating how quickly Ripple can rebalance supply between networks. By late July, another supply report placed RLUSD at around $1.60 billion, with $896 million on XRPL and $699 million on Ethereum.
That volatility in distribution is important because it suggests Ripple is not treating either blockchain as a permanent home for RLUSD. The company describes the stablecoin as natively issued on both XRP Ledger and Ethereum, with additional blockchain support possible. RLUSD is backed by segregated reserves and designed to maintain a one-to-one value with the U.S. dollar.
Ethereum Gives RLUSD Deeper DeFi Reach
Ethereum offers Ripple access to a mature ecosystem of decentralized exchanges, lending protocols, stablecoin markets and institutional infrastructure. Ripple’s decision to increase Ethereum liquidity therefore looks less like a rejection of XRPL and more like an effort to make RLUSD useful wherever demand already exists.
The company has also expanded exchange access. Binance announced support for RLUSD on Ethereum, with XRP/RLUSD and RLUSD/USDT trading pairs available at launch. This gives the stablecoin another major route into global trading liquidity while supporting Ripple’s broader multichain strategy.
