RLUSD Ethereum Supply Surges 93%, Overtakes XRPL

Published: 2026-08-30 18:09:48 |

Ripple’s RLUSD stablecoin supply on Ethereum rose 93% in 30 days, allowing Ethereum to overtake the XRP Ledger (XRPL) for the first time since mid-2026. RLUSD’s total supply reached about $2.37 billion, including $1.33 billion on Ethereum, or 56.1%, and $1.04 billion on XRPL, or 43.9%. Around $1.39 billion of RLUSD was minted during the period, while $606.8 million was burned. Ethereum accounted for $256.5 million, or 84%, of the $303.7 million increase in RLUSD market capitalisation. About $330 million of RLUSD is held in Aave lending contracts, highlighting growing institutional DeFi demand. The average Ethereum-based RLUSD holder holds roughly $106,000, compared with about $15,000 on XRPL. However, XRPL has more than 69,000 holders, reflecting its appeal for retail users and lower-cost payment activity. RLUSD was launched in December 2024 under a New York Department of Financial Services trust company charter. Ripple designed it as a dual-chain stablecoin, with XRPL focused on fast payments and Ethereum targeting DeFi liquidity and composability. The RLUSD supply shift suggests Ethereum is becoming the preferred network for larger institutional allocations, while XRPL remains relevant for payments and smaller transactions.

Neutral

The immediate market impact is likely neutral. RLUSD’s 93% growth on Ethereum is a positive adoption signal for Ripple’s stablecoin, Ethereum-based DeFi and Aave, but it does not directly create buying pressure for ETH or XRP. Stablecoin supply growth can improve liquidity and support trading activity, yet the reported increase is concentrated in a single asset and appears linked mainly to institutional settlement and lending demand. In the short term, traders may interpret the Ethereum supply shift as evidence that institutional users prefer Ethereum’s DeFi infrastructure. This could support sentiment toward ETH and AAVE if deposits continue to rise, while potentially reducing attention on XRPL-related activity. However, stablecoin minting and transfers do not necessarily indicate immediate spot-market purchases, so the signal should not be treated as a broad bullish catalyst. Over the longer term, continued RLUSD growth could strengthen Ethereum’s stablecoin liquidity, lending volumes and cross-chain utility. Similar stablecoin expansion events have historically supported DeFi activity and market depth, but they have had limited impact when growth was driven by treasury movements rather than leverage or trading demand. Traders should monitor RLUSD net issuance, Aave utilisation, Ethereum DeFi total value locked, ETH liquidity and XRP Ledger transaction activity before assigning a stronger directional view.