On-chain data shows that Ripple has recently transferred a portion of RLUSD from the XRP Ledger (XRPL) to Ethereum. Although the individual transfer amount is modest, the latest distribution reveals that RLUSD’s circulating supply on Ethereum is now significantly higher than on XRPL, with the gap widening to approximately $350 million.
Ethereum's share has increased to approximately 57%.
On September 6, approximately 1.3636 million RLUSD were first withdrawn from circulation on the XRPL side and nearly simultaneously minted in equal amount on the Ethereum side. According to on-chain records, this appears more like a cross-chain supply rebalancing than a new issuance.
Real-time on-chain data shows that approximately $1.38 billion in RLUSD is deployed on Ethereum and about $1.03 billion on XRPL. This means Ethereum accounts for roughly 57.3% of RLUSD’s total supply, leading by nearly $350 million.
After surpassing in June, the gap has widened again.
This shift happened quickly. At the end of June, XRPL briefly surpassed Ethereum for the first time, with approximately $801 million in RLUSD on XRPL versus about $795 million on Ethereum. By August 21, Ethereum had regained the lead, with respective totals of approximately $989.34 million and $941.36 million.
The gap between the two has widened further, indicating that RLUSD's primary use cases continue to shift toward Ethereum.
DeFi liquidity drives demand
The article notes that this does not mean Ripple is abandoning XRPL. Ripple has always adopted a multi-chain issuance approach; official information shows that RLUSD is not only natively deployed on Ethereum and XRPL but has also been extended to networks such as Base, Optimism, Unichain, and the XRPL EVM Sidechain.
Ethereum's advantage lies in its deeper DeFi liquidity. RLUSD can more easily access scenarios such as lending, decentralized trading, and liquidity pools. On-chain analysis suggests that protocols like Aave and Curve may represent significant sources of demand for Ethereum.
XRPL still maintains its original level of activity.
Although the supply share has been pulled ahead by Ethereum, activity on RLUSD on XRPL has not disappeared. Previous on-chain research shows that RLUSD’s share of XRPL transaction volume has risen from less than 1% to approximately 12%.
The article also emphasizes that RLUSD, XRP, and XRPL are not the same thing. RLUSD is a stablecoin issued by Ripple, XRP is an independent digital asset, and XRPL is merely one of the networks on which RLUSD is issued. The current changes are more akin to a reallocation of liquidity across different chains rather than RLUSD exiting the XRP ecosystem.