TL;DR:
- The Ethereum network reached $989.34 million in issued RLUSD tokens, surpassing the $941.36 million recorded on XRP Ledger on August 21, 2026.
- During August 20, 2026, 73.8 million RLUSD were minted on Ethereum and 23.5 million were burned, compared to 36.1 million minted on XRPL.
- The total circulating supply of Ripple USD reached an all-time high of $1.939 billion at the close of the analyzed session.
The Ethereum network surpassed XRP Ledger in circulating volume following an acceleration in RLUSD supply minting, as confirmed by records from the stablecoin tracking platform this Friday.
🔥🔥🔥🔥🔥🔥🔥 10,000,000 $RLUSD burned at RLUSD Treasury.https://t.co/7ZgIVCGFXE
— Ripple Stablecoin Tracker (@RL_Tracker) August 21, 2026
On-chain data and Ripple’s official monitor indicate that Ethereum hosts $989.34 million in RLUSD, compared to the $941.36 million remaining on the XRPL ledger.
This shift in liquidity balance responds to an operational redistribution executed over the past 48 hours. During Friday’s session, Ripple’s treasury minted 73.8 million RLUSD on the Ethereum network and removed 23.5 million from circulation through burning contracts. On that same date, XRP Ledger recorded the minting of 36.1 million tokens and the burning of 15.4 million.
The minting pace maintained its preference for the smart contract network during the morning of August 21, 2026. In that window, Ethereum added an additional 53.2 million RLUSD with 15 million destroyed, while XRPL added $12.5 million and burned 6.5 million.
Analysts note that these movements represent technical adjustments aimed at balancing market depth between decentralized ecosystems and institutional custody platforms.
Technical factors and progress toward $2 billion
The stablecoin’s global supply reached $1.939 billion on August 21, 2026, marking its highest level since its official launch in December 2024.
The dual deployment of RLUSD was structured under ERC-20 standards on Ethereum and as a native asset on XRP Ledger. Technical documents from Ripple explain that this multi-chain setup seeks to enable corporate payment bridges without concentrating settlement on a single base layer.
Capital distribution has alternated dominance throughout the year. In June 2026, XRP Ledger surpassed Ethereum for the first time in total issued volume, driven by integrations into cross-border payment gateways. However, the stronger presence of decentralized finance protocols on Ethereum once again attracted the largest batches of institutional issuance this quarter.
Among the transactions audited by the monitoring account on X over the last 24 hours, there were two minting transfers of 25 million and 20 million RLUSD directed straight to Ethereum contracts, accompanied by three consecutive issuances of $20 million, $14 million, and $16 million in the same environment. In contrast, XRPL processed a single minting order for $10 million during that period.
Market reports suggest that dollar liquidity demand within decentralized exchange platforms on Ethereum could sustain this gap in the short term, subject to corporate treasury rebalancing schedules.
The next operational milestone for the asset will come with the publication of the August 2026 monthly reserve attestation report, a document that will detail the cash and U.S. Treasury bill backing audited by independent accounting firms.
