Ethereum Flips XRP Ledger in RLUSD Supply With $989.34M

Ethereum has overtaken the XRP Ledger in circulating supply of Ripple's RLUSD stablecoin, according to Ripple stablecoin tracker data. The tracker shows $989.34 million in RLUSD circulating on Ethereum, compared with $941.36 million on the XRP Ledger as of Aug. 21. The flip follows a 24-hour period in which Ethereum saw heavier RLUSD issuance than the XRP Ledger. On Aug. 20, Ethereum recorded $73.8 million in RLUSD mints and $23.5 million in burns; by Aug. 21, it had added $53.2 million in mints and $15 million in burns. Over the same stretch, the XRP Ledger recorded $36.1 million in mints and $15.4 million in burns on Aug. 20, followed by $12.5 million in mints and $6.5 million in burns on Aug. 21. Individual transactions reported by the tracker include two Ethereum mints of $25 million and $20 million, a $10 million burn on Ethereum, and a $10 million mint on the XRP Ledger. Three further Ethereum mints of $20 million, $14 million and $16 million were also logged within the last 24 hours. The largest single Ethereum mint in the reported window was $25 million, while the largest XRP Ledger mint was $10 million. The data covers only mint and burn activity, not secondary-market transfers, and reflects the tracker's latest on-chain records. Ripple has been rebalancing RLUSD liquidity across the two networks it supports, and the latest data indicates that short-term issuance is now weighted toward Ethereum. For XRP, the native altcoin of the XRP Ledger, the supply shift does not alter token economics, but it does change where RLUSD liquidity is concentrated. The XRP community is watching whether the distribution remains tilted toward Ethereum in the coming sessions.

RLUSD's total circulating supply has climbed to $1.939 billion, an all-time high for the stablecoin since its December 2024 launch. The Ripple stablecoin tracker puts the current total at $1.93 billion, just shy of the $2 billion milestone; the $2 billion level would mark another record for the stablecoin. RLUSD is a fiat-backed token issued on both the XRP Ledger and Ethereum, and its supply is managed through on-chain mint and burn operations rather than through algorithmic stablecoin designs. The latest supply data marks the first time Ethereum has led the XRP Ledger in RLUSD circulation since June, when the XRP Ledger had overtaken Ethereum for the first time. That earlier lead has now reversed as Ethereum's recent issuance outpaced XRPL's. The record total supply reflects ongoing demand for the stablecoin across Ripple's supported networks. Ripple, the technology company behind the token, has positioned RLUSD for cross-border payments and digital asset infrastructure. The tracker's figures show that Ethereum's share of circulating RLUSD is now $989.34 million against $941.36 million on the XRP Ledger, a gap of roughly $48 million. With total supply approaching $2 billion, the distribution between the two chains is likely to remain a focus for traders monitoring RLUSD liquidity. The all-time high in supply comes as Ripple continues to adjust issuance across networks, and the XRP community is assessing what the shift means for the ledger's stablecoin activity. The stablecoin's launch in December 2024 made it available on both networks simultaneously, and Ripple has since used mint and burn operations to manage supply across them.

The two data points — Ethereum's lead in RLUSD circulation and the token's record total supply — point to the same theme: Ripple's stablecoin distribution is becoming more multi-chain, with Ethereum absorbing a larger share of recent issuance. The Ripple stablecoin tracker, which logs on-chain mint and burn transactions, serves as the primary record for these figures. As of the latest update on Aug. 21, total RLUSD supply currently stands at $1.939 billion, with Ethereum at $989.34 million and the XRP Ledger at $941.36 million. In our reading, the supply shift is a function of Ripple's liquidity management rather than a change in XRP's fundamentals. The gap between the two networks is now about $48 million, a level that could narrow quickly if Ripple shifts issuance back toward the XRP Ledger. For context, XRP's spot price has moved 10.9% over the last 24 hours, according to live market data. The coming sessions will show whether Ethereum's lead is sustained or whether Ripple rebalances issuance back toward the XRP Ledger.