A notable shift has occurred in the distribution of RLUSD, Ripple’s US dollar–pegged stablecoin. On-chain data shows that the XRP Ledger has, for the first time, overtaken Ethereum to become the leading network for RLUSD supply. The stablecoin’s total market capitalization has climbed to nearly $1.6 billion.
XRPL outpaces Ethereum in supply for the first time
According to Ripple USD Tracker data, the RLUSD balance on the XRP Ledger has risen to $801,796,535, edging past the figure on the Ethereum network, which stands at $795,598,530. As a result, the leadership in RLUSD supply has shifted to the XRP Ledger for the first time.
Some community representatives attribute this change less to rapid growth on the XRP Ledger and more to significant redemptions and token burns on the Ethereum side. While large-scale token burns reduced the RLUSD balance on Ethereum, demand on the XRP Ledger remained more balanced, enabling XRP Ledger to claim the top spot.
Ripple USD Tracker data reveals that RLUSD supply on the XRP Ledger, at $801.8 million, has surpassed Ethereum’s total of $795.6 million for the very first time.
RLUSD ranks among the world’s top 10 stablecoins
CoinMarketCap data shows that RLUSD, with a total market capitalization of $1.598 billion, now ranks as the eighth largest stablecoin globally. Its daily trading volume is recorded at $166.53 million, underlining its growing role in the digital assets ecosystem.
Though RLUSD continues to expand in the regulated new-generation dollar-pegged token market, it still trails behind competitors like PayPal USD, with a market cap of $2.75 billion, and Global Dollar at $2.9 billion.
| Asset | Market Cap | Rank |
|---|---|---|
| RLUSD | $1.598 billion | 8 |
| PayPal USD | $2.75 billion | Above RLUSD |
| Global Dollar | $2.9 billion | Above RLUSD |
Expansion in Asia and a multi-network strategy
This change in supply comes as RLUSD integration discussions accelerate across the Asia-Pacific region. In Japan, the financial sector recently adopted RLUSD for certain transactions, initially opting to use Ethereum as the foundation due to its deeper integration with the country’s existing banking infrastructure.
Vet, a representative of the XRPL Foundation, explained that Ethereum was chosen at first because of its advanced technical infrastructure and strong connections to traditional finance. The XRPL Foundation is an independent organization supporting the XRP Ledger ecosystem.
According to Vet, Ethereum initially took the lead due to its robust ties with existing finance infrastructure, but over the long term, RLUSD on the XRP Ledger is also expected to gain greater prominence in this ecosystem.
The latest developments suggest Ripple’s core goal is to make its stablecoin available across a broad range of platforms. Ethereum is seen as a vital bridge providing liquidity in foreign markets, while the XRP Ledger maintains its position as the central hub for institutional capital.
Ripple’s approach, therefore, leverages both the global reach of Ethereum and the enterprise-oriented framework of the XRP Ledger. By adopting a multi-network strategy, Ripple aims to maximize RLUSD’s presence in the broader stablecoin sector.
As RLUSD solidifies its ranking among the top stablecoins, its performance on different networks continues to be a focal point for investors and market observers alike.
