Ripple Stablecoin Now Holds Majority Share of Supply on XRP Ledger

Over half of all RLUSD in circulation — approximately 51–52% — is now held on the XRP Ledger, according to on-chain data published by an XRP-focused treasury firm. The figure marks a dramatic shift in the stablecoin's distribution across blockchain networks and establishes XRPL as the primary hub for RLUSD liquidity and trading activity.

The milestone represents a steep climb from just 17% recorded in April 2025, meaning RLUSD's presence on the XRP Ledger has more than tripled in roughly 14 months. The remaining 48% of circulating RLUSD supply continues to reside on Ethereum, though that network's share has been declining.

Ethereum's RLUSD supply has contracted from a February peak of approximately $1.24 billion to around $700 million, suggesting that capital and activity are migrating toward the XRP Ledger. As XRPL's share has grown, Ethereum's dominance in RLUSD issuance has correspondingly diminished.

Trading volume data reinforces the supply shift. The RLUSD/XRP trading pair alone processed roughly $900 million in volume over the past six months, accounting for close to 90% of all RLUSD trading activity on the XRP Ledger. This has made RLUSD one of the most actively traded assets on the network.

According to the treasury firm, the increase in RLUSD activity has contributed to broader growth on the XRP network rather than cannibalizing XRP usage. Every RLUSD transaction executed on XRPL generates network fees denominated in XRP, meaning stablecoin activity directly translates into XRP network transactions.

The firm noted that RLUSD's expansion on XRPL reflects growing adoption of the Ripple-issued stablecoin within the broader crypto ecosystem, with the ledger increasingly functioning as its dominant settlement layer.