Why Ethereum Retook the RLUSD Supply Lead From the XRP Ledger

RLUSD has changed leaders again. Ethereum now holds more of Ripple’s dollar stablecoin than the XRP Ledger after a burst of Ethereum-side issuance outweighed burns and exceeded XRPL’s recent net growth. The difference is narrow, so the latest ranking is better understood as a snapshot of Ripple’s multichain supply management than as proof that Ethereum has permanently won.

Current RLUSD balances by network

The latest reported August 21 snapshot puts RLUSD balances at:

• Ethereum: approximately $989.34 million
• XRP Ledger: approximately $941.36 million
• Combined balances: approximately $1.931 billion when those two figures are added
• Reported tracker total: approximately $1.939 billion, reflecting timing and measurement differences between snapshots

Ethereum’s lead in the cited balance snapshot is about $47.98 million. That is a small margin relative to the nearly $2 billion circulating supply, meaning another sizeable mint, burn or redemption could quickly change the order.

How Ethereum moved back ahead

The reversal was driven primarily by net issuance—new tokens minted minus tokens burned—rather than by a clearly measured migration of users from XRPL to Ethereum.

On August 20, Ethereum reportedly recorded $73.8 million in RLUSD mints and $23.5 million in burns, producing roughly $50.3 million of net issuance. Early activity reported for August 21 added another $53.2 million minted against $15 million burned, or approximately $38.2 million net issuance.

XRPL’s activity was lower over the same comparison period. One report cited $36.1 million minted on August 20, alongside $15.4 million burned; the following snapshot reported $12.5 million minted and $6.5 million burned on XRPL.

A separate report also identified a 20 million RLUSD mint on Ethereum by Ripple Labs. The available reporting does not establish what specific customer demand or transaction caused that mint, so it should be treated as part of the Ethereum-side expansion—not as conclusive evidence of organic DeFi demand.

Why minting and burning matter

RLUSD supply on each network is affected by issuer-controlled treasury operations. Mints add tokens to a chain, while burns remove tokens, including during redemption and supply-management activity. That means the balance between Ethereum and XRPL can change quickly without representing a one-for-one bridge transfer or an independently measured change in user preference.

The distinction matters because XRPL has also seen substantial turnover. Over one reported 30-day period, approximately $449.3 million of RLUSD was issued on XRPL and $448.9 million was burned, implying almost no net supply growth despite heavy activity.

From an XRPL lead back to Ethereum

The latest reversal follows an earlier flip in the opposite direction. In early July, XRPL reportedly held $863.2 million in RLUSD compared with $676.1 million on Ethereum. That represented a 56.1% to 43.9% split of approximately $1.539 billion.

Ethereum had also dominated at an earlier stage. A December 2025 snapshot placed roughly 82% of RLUSD supply on Ethereum, with about $1.03 billion on Ethereum and $235 million on XRPL. Earlier reporting described Ethereum as holding about 88% of RLUSD at a still earlier point.

Taken together, the data show an actively changing allocation rather than a one-way adoption curve. Ripple has previously used coordinated mint-and-burn operations to move supply between the two networks, including a reported 20 million RLUSD burn on Ethereum paired with a 20 million mint on XRPL in 2025.

Ethereum liquidity versus XRPL settlement and credit plans

Ethereum’s established liquidity and DeFi infrastructure can make it attractive for stablecoin trading, collateral and composable applications. However, the available reports do not isolate how much of the latest Ethereum issuance came from organic DeFi demand and how much reflected Ripple’s treasury allocation.

XRPL, meanwhile, is being positioned for institutional use beyond payments. Ripple, Clearpool and Cicada Partners are developing an institutional credit market that would use RLUSD for working-capital loans to fintech and payments companies. Clearpool is providing lending infrastructure, while Cicada is expected to handle borrower sourcing and credit-risk management.

That initiative could create recurring demand for RLUSD on XRPL through private-credit activity. It remains a planned or developing market, however, and should not be presented as the demonstrated cause of the current supply reversal. Some reports also note that mainnet deployment depends on approval of the relevant XRPL amendments.

RLUSD’s growth since its December 2024 launch

RLUSD’s network competition is occurring against rapid overall supply growth:

• RLUSD launched in December 2024.
• Its market capitalization passed $1 billion in November 2025, less than a year after launch.
• It reached approximately $1.26 billion in December 2025.
• By May 2026, reports placed supply above $1.6 billion.
• Reported transfer volume reached $18.4 billion in the first quarter of 2026, the highest quarterly figure cited at that time.
• By August 21, reporting placed total RLUSD circulation at roughly $1.939 billion, while another market-data report listed a market capitalization of $2.035 billion. Differences likely reflect tracker timing and methodology.

The important point is that RLUSD’s total expansion has continued even as its chain-level distribution has repeatedly changed. XRPL’s direct settlement activity also rose sharply, reaching approximately $5.08 billion in May 2026, according to one on-chain analysis.

Will Ethereum keep the lead?

Ethereum’s lead is real in the latest cited balance snapshot, but it is not yet durable. The gap is only about $48 million, and recent history shows that Ripple’s minting and burning decisions can move tens of millions of dollars of supply in a short period.

Ethereum would need sustained net issuance and durable demand from its DeFi ecosystem to turn the snapshot into a longer-term trend. XRPL could regain ground through continued settlement activity or if its planned institutional RLUSD credit market reaches mainnet and attracts borrowers and liquidity. For now, the clearest conclusion is narrower: Ethereum retook the RLUSD supply lead because its recent net issuance was stronger, while the multichain contest remains highly fluid.