Ripple’s dollar-backed stablecoin RLUSD has a total circulation of about $1.63 billion. Of that, $879 million resides on Ethereum, and $760 million resides on the XRP Ledger, a 53 to 47 split in the heart of Ethereum according to reports.
Ripple trades RLUSD as a popular asset for the XRP Ledger business plan. Most of the transactions are on a competitive blockchain.
How It Got Here
RLUSD was launched in December 2024 on Ethereum and The price of XRP at the same time, it is Ripple to put the XRPL as a home base. The original distribution told a different story. By October 2025, about 88% of all RLUSD assets, which were about $1 billion at that time, were on Ethereum and only $91 million on XRPL.
Over the past eight months, XRPL has been steadily growing. By the end of 2025, Ethereum’s share was 81%. Today, after 18 months, XRPL has worked up to 47%. The gap is narrowing, but Ethereum is still ahead.
Why Ethereum Continues to Lead
The main reason is the large ecosystem of Ethereum.
RLUSD is available on several popular platforms where users can lend, borrow, and withdraw their money. Ripple added RLUSD to Aave in 2025, helping to boost adoption among Ethereum users.
Other platforms such as Curve and Morpho also supported RLUSD, giving the stablecoin visibility and utility. This opportunity has encouraged users to save a large portion of RLUSD on Ethereum.
The network also benefits from deeper water and more users, which continue to attract stablecoin activity.
What It Means For XRP Holders
The report highlights an important point for XRP investors. When Establishment of RLUSD is growing, that growth doesn’t translate into significant gains for XRP itself.
RLUSD transactions on XRPL burn a little bit of XRP as a network fee, but the effect is minimal. As a result, the rise of RLUSD does not significantly reduce the supply of XRP.
RLUSD has grown to a $1.63 billion stablecoin in less than two years, which is well known for Ripple. However, the latest statistics show that Ethereum is still the largest network that is driving growth.
Although XRPL continues to gain market share, Ethereum’s high usage, liquidity, and strong DeFi ecosystem have helped it remain the main home of RLUSD.
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