Ripple's stablecoin RLUSD now holds a larger share of its supply on Ethereum than on the XRP Ledger, after a 93% surge in Ethereum-based supply over 30 days. Institutional demand for DeFi yield, concentrated in Aave's lending contracts, is driving the shift.
Ethereum's share of RLUSD supply has overtaken the XRP Ledger for the first time since mid-2026. Ripple's dollar-pegged stablecoin surged roughly 93% on Ethereum over the past 30 days, pushing the network's share of total supply above XRPL's.
The numbers behind the shift
Total RLUSD supply now sits at approximately $2.37B. Ethereum holds about $1.33B, or 56.1%, while XRPL retains $1.04B, or 43.9%.
Over the 30-day period, roughly $1.39B worth of RLUSD was minted while approximately $606.8M was burned, producing net growth that landed disproportionately on Ethereum. Of the $303.7M added to RLUSD's market cap during that stretch, Ethereum accounted for $256.5M, or about 84% of the increase.
The single largest concentration of RLUSD on Ethereum lives inside Aave's lending contracts, holding roughly $330M. Ripple's own deployer wallet accounts for another $114M.
Average holder balances reinforce the institutional tilt. On Ethereum, the typical RLUSD holder sits on about $106K. On XRPL, that figure drops to around $15K, spread across more than 69,000 individual wallets.
Why Ethereum keeps pulling ahead
Ripple launched RLUSD on December 17, 2024, under a New York Department of Financial Services trust company charter, positioning the token as a dual-chain asset: XRPL for fast, cheap enterprise settlement, Ethereum for DeFi composability and liquidity depth. By late June 2026, the split was nearly even, with Ethereum carrying about $802M in RLUSD supply against XRPL's roughly $796M.
Since then, protocols like Aave have become magnets for RLUSD deposits, offering yield opportunities that don't exist in the same form on XRPL. As a result, Ripple's own minting and burning patterns, used for settlements and liquidity management, tilted toward Ethereum as institutional counterparties increasingly preferred settling on the network where their other DeFi positions live.
Two chains, two audiences
XRPL's lower fees and faster finality make it practical for retail users and smaller payment flows, and its holder count of more than 69,000 dwarfs Ethereum's in raw numbers. However, for someone deploying $10M into a lending protocol, those advantages matter less than the depth of DeFi infrastructure available on Ethereum. The 93% Ethereum expansion in a single month suggests RLUSD is carving out a niche among institutions that want regulatory clarity alongside DeFi composability.
Source: Crypto Briefing
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