TLDR
Ripple USD (RLUSD), Ripples dollar stablecoin, is seeing most of its new growth land on Ethereum rather than on the XRP Ledger.
- RLUSD total supply has climbed into the low billions, with roughly three quarters of it issued on Ethereum rather than XRPL.
- The Ethereum bias reflects existing exchange infrastructure and DeFi demand, so Ripple is minting more RLUSD there to deepen liquidity.
- For crypto users, this makes RLUSD increasingly relevant in Ethereum DeFi, while XRP holders should watch whether activity later shifts back toward XRPL.
Deep Dive
1. RLUSD Growth And Chain Split
Ripple USD (RLUSD) is a fiat?backed stablecoin, issued on both XRP Ledger and Ethereum, and redeemable 1:1 for USD according to Ripples own stablecoin overview.
By mid 2025, RLUSDs circulating supply had already jumped 47 percent in a single month to about $455 million, with around $390 million on Ethereum and $65 million on XRPL, meaning most of the growth was on Ethereum itself. That same report noted that RLUSDs supply on Ethereum had nearly quadrupled since January, underscoring a clear shift in minting toward Ethereum rather than XRPL.
More recent coverage places total RLUSD supply around $1.5 billion, with about $1.2 billion on Ethereum and $250 million on XRPL, making Ethereum the dominant venue for RLUSD issuance and circulation.
2. Why Ethereum Leads RLUSD
Ethereum already hosts the largest pool of stablecoin liquidity, with total stablecoin supply on Ethereum exceeding $180 billion and generating billions in issuer revenue, as highlighted in a broad stablecoin revenue analysis.
Ripple has leaned into this by minting new RLUSD directly on Ethereum to support DeFi, OTC, and exchange liquidity, including recent 20 million token mints that lifted circulating supply by more than 2 percent in a day and pushed RLUSD into the top 50 assets by market cap. Ripple executives have also noted that exchanges often integrate Ethereum first because their technical and custody stacks are already tuned to ERC?20 style tokens, which makes RLUSD on Ethereum faster to list and to use as collateral.
Binance initially listed RLUSD on Ethereum before later adding XRPL support, and reports describe RLUSDs Ethereum supply as having grown roughly 10 times year on year alongside market cap pushing through $1.5 billion.
RLUSD is increasingly being positioned as an Ethereum?native liquidity asset first, with XRPL support following rather than leading.
3. XRP, XRPL And What To Watch
Ripple still presents RLUSD as natively issued on both XRPL and Ethereum and frames it as a complement to XRP rather than a replacement. Company representatives have publicly stressed that they love XRP and XRPL and say the Ethereum skew is driven by practical integration factors rather than a strategic shift away from XRPL.
For XRPL, the key question is whether RLUSD usage, trading pairs, and custody activity actually migrate back over as more exchanges and DeFi platforms finish XRPL integrations. If XRPL volumes and RLUSD balances stay small relative to Ethereum, community concerns about attention drift will persist; if they grow, RLUSD could strengthen XRPs role as a bridge asset in multi?chain payments.
For now, the structural demand and tooling on Ethereum are pulling RLUSD supply toward ETH, and the signal to watch is whether RLUSD liquidity and real usage on XRPL ever catch up.
Conclusion
RLUSDs rising supply on Ethereum shows Ripple following the liquidity and tooling where they already exist, even though the projects roots are on XRP Ledger. That makes RLUSD increasingly relevant to Ethereum?based DeFi and exchange flows, while leaving an open question about how much of that activity eventually returns to XRPL as its own stablecoin and RWA ecosystem matures.
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