Data from the Ripple Stablecoin Tracker shows that the supply of Ripple USD (RLUSD) on the Ethereum network has dropped to approximately $692 million. While Ripple continues to control the circulating supply of RLUSD through token burns, there has been a sharp decline in RLUSD’s share on Ethereum in recent weeks.
Continued contraction on Ethereum
At the beginning of July, RLUSD supply on Ethereum was above $727 million. Current figures indicate a notable decrease from that level. Over the past seven days, $115.4 million in RLUSD was burned on the Ethereum blockchain, while $49.3 million in new tokens were issued during the same period.
On July 29 alone, the Ethereum network recorded a RLUSD burn of $25.9 million, paired with a new issuance of $6.2 million. Over the past 30 days, a total of $369.4 million in RLUSD was burned and $167.6 million was minted on Ethereum. This pattern shows that redemptions have outpaced new issuance on the Ethereum side.
In the past 30 days, $369.4 million in RLUSD was burned and $167.6 million was newly issued on the Ethereum network.
A summary of the periods reveals the ongoing contraction on Ethereum. In the past seven days, $115.4 million RLUSD was burned with $49.3 million issued. On July 29, RLUSD burns reached $25.9 million, while $6.2 million was minted. Across the most recent 30-day window, total RLUSD burned surpassed total issuance by more than $200 million, signaling a shrinking presence on Ethereum.
XRP Ledger leads in RLUSD supply
Currently, the total circulating supply of RLUSD stands at around $1.56 billion. On the XRP Ledger, the past 30 days saw $324.1 million in RLUSD minted and $217.6 million burned. This allowed the XRP Ledger to consistently maintain a higher RLUSD supply compared to the Ethereum network.
RLUSD’s presence on the XRP Ledger surpassed Ethereum for the first time in June. While RLUSD’s circulating amount was close to $20 million at the end of 2024, by late June 2026 it surged to nearly $800 million. The most significant growth period was recorded in May and June 2026.
Ripple, the US-based technology company known for developing payment infrastructure and digital asset solutions, issues RLUSD as its US dollar-backed stablecoin, which operates on both Ethereum and XRP Ledger.
Soaring transaction volumes and European milestone
RLUSD has rapidly become one of the most actively traded tokenized assets on the XRP Ledger. Its share of overall on-chain transaction volume climbed from under 1% in 2026 to almost 12%. Specifically, the RLUSD/XRP trading pair saw approximately $900 million in transactions over the last six months.
The RLUSD/XRP pair reached nearly $900 million in trading volume over the past six months.
This week, Ripple received authorization as a crypto asset service provider from Luxembourg’s financial regulator, the CSSF. The CSSF is the official entity overseeing Luxembourg’s financial industry. With this approval, Ripple has demonstrated compliance with MiCA (Markets in Crypto-Assets Regulation) and can now offer XRP and RLUSD-powered solutions to financial institutions and corporations across all 30 countries of the European Economic Area.
Glossary: MiCA is the EU’s legislative package for regulating crypto asset markets. CASP refers to the license required to operate as a crypto asset service provider under this framework.
