Ripple’s US dollar-pegged stablecoin RLUSD has made a significant shift towards the XRP Ledger network in recent months. On-chain data reveal that RLUSD circulation on XRP Ledger soared 40-fold over the past six months. This dramatic increase has pushed the XRP Ledger’s share of RLUSD supply past the halfway mark for the first time ever.
Major shift in supply distribution
Until recently, the majority of RLUSD’s supply was hosted on the Ethereum network. In April, only 17% of the total circulating RLUSD supply was on XRP Ledger, with the bulk held on Ethereum. The situation has reversed in the last few months, with XRP Ledger’s share rising to 52% of total supply.
With the XRP Ledger surpassing 52% share of RLUSD supply for the first time, and a 40-fold increase in network circulation within six months, the balance of RLUSD distribution has shifted decisively.
This shift means the XRP Ledger has achieved a majority share of RLUSD supply for the first time. As a result, what was once an Ethereum-dominated distribution is now leaning more heavily toward Ripple’s own ecosystem. The data highlight accelerating RLUSD usage on XRP Ledger.
Ripple’s role in the stablecoin landscape
Recently, Ripple joined a coalition of more than 140 members—including major finance and technology companies like Mastercard and BlackRock—to support an emerging stablecoin initiative. The group aims to promote Open USD, a new stablecoin pegged to the US dollar, as a common and efficient instrument for global payments.
Ripple’s participation in this initiative stands out, particularly given its own regulated RLUSD product. For Ripple, joining this coalition signals a strategic push to remain at the center of global liquidity flows. At the same time, the introduction of Open USD could reshape the competitive landscape for RLUSD.
Mini glossary: Open USD is a new stablecoin backed by multiple major companies and pegged to the US dollar. Stablecoins are digital assets that typically maintain a fixed value by tying themselves to a fiat currency.
Competition intensifies in the stablecoin market
The movement of RLUSD onto XRP Ledger is being tracked as an important sign of network adoption within the Ripple ecosystem. The rapid jump in local supply share from 17% to 52% reflects a significant shift in network preference for RLUSD holders.
However, competition in the stablecoin market remains fierce. According to CoinGecko data, Tether retains its position as the largest stablecoin, with a market capitalization of $184 billion. Whether RLUSD can sustain its growth and how it will compete with new projects like Open USD will become clearer in the coming period.
