Ripple’s dollar-backed stablecoin RLUSD has a total circulation of approximately $1.63 billion. Of that, $879 million sits on Ethereum, and $760 million sits on the XRP Ledger, a 53 to 47 split in Ethereum’s favour as per reports.
Ripple markets RLUSD as a flagship product of the XRP Ledger’s enterprise readiness. The majority of its supply lives on a competing blockchain.
RLUSD launched in December 2024 on both Ethereum and the XRP Ledger simultaneously, with Ripple pitching XRPL as the home venue. The early distribution told a different story. By October 2025, approximately 88% of all RLUSD supply, worth around $1 billion at the time, sat on Ethereum with just $91 million on XRPL.
Over the past eight months, XRPL has steadily gained ground. By the end of 2025, Ethereum’s share was still 81%. Today, after 18 months, XRPL has worked its way up to 47%. The gap is narrowing, but Ethereum remains ahead.
The biggest reason is Ethereum’s larger ecosystem.
RLUSD is available across several popular platforms where users can lend, borrow, and earn returns on their assets. Ripple added RLUSD to Aave in 2025, helping boost adoption among Ethereum users.
Other platforms such as Curve and Morpho have also supported RLUSD, giving the stablecoin more visibility and utility. These opportunities have encouraged users to keep a large portion of RLUSD on Ethereum.
The network also benefits from deeper liquidity and a larger user base, which continues to attract stablecoin activity.
The report highlights an important point for XRP investors. While RLUSD adoption is growing, that growth does not necessarily translate into major benefits for XRP itself.
RLUSD transactions on XRPL do burn small amounts of XRP as network fees, but the impact is extremely small. As a result, rising RLUSD usage does not significantly reduce XRP supply.
RLUSD has grown into a $1.63 billion stablecoin in less than two years, which is a notable achievement for Ripple. However, the latest figures show that Ethereum remains the primary network driving that growth.
While XRPL continues to gain market share, Ethereum’s larger user base, deeper liquidity, and stronger DeFi ecosystem have helped it remain the dominant home for RLUSD.
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