Ripple's RLUSD stablecoin touched a record $2.442 billion in supply this week, but most of the growth since July landed on Ethereum rather than the XRP Ledger. Distribution deals, a new regulatory explainer, and steady XRP ETF inflows all coincided with the climb.
RLUSD's circulating supply stood at $2.42 billion on Defillama's stablecoin tracker on Monday, Sept. 14, up from about $2.41 billion a week earlier and $1.72 billion a month ago. That marks a 41% climb in 30 days for a token designed to hold a $1 peg. Data aggregators had already flagged a fresh all-time high of $2.442 billion for the token this week.
Ethereum pulls ahead of the XRP Ledger
The growth split reversed since midyear. In July, the XRP Ledger held $907.2 million of RLUSD, or 58.9% of supply, while Ethereum held $632.2 million. Today, trackers list $1.37 billion on Ethereum against $1.05 billion on the XRP Ledger. Ethereum's balance has more than doubled since July, adding roughly $737 million, while the XRP Ledger added about $146 million.
Of the roughly $840 million in new supply, Ethereum took the large majority. Still, the XRP Ledger is not shrinking: its total stablecoin base of about $1.14 billion ranks 11th across all networks, just ahead of Aptos and Plasma. Ripple has also pushed RLUSD beyond its two home chains, adding Optimism, Base, Ink, Unichain and the XRPL EVM Sidechain through Wormhole in June.
Distribution deals and a regulatory explainer
RLUSD went live on Korea's four largest exchanges by late July, with Upbit opening markets on July 27 and Bithumb following on July 29. Activity followed: $11.81 billion moved across 1.39 million transfers in the 30 days to Aug. 25. Ripple also laid out its regulatory footing in a Sept. 12 explainer, saying it issues RLUSD under a New York Department of Financial Services limited-purpose trust charter held by its subsidiary Standard Custody & Trust Company, with BNY as primary reserve custodian.
XRP ETFs keep adding inflows
U.S. spot XRP ETFs logged 11 straight sessions of inflows worth $170 million through Sept. 1, lifting cumulative inflows to $1.68 billion since their November launch. In one session last week, XRP funds added $5.14 million while bitcoin ETFs shed $283 million.
XRP is currently trading around the $1.37 range, up from $1.06 at the end of July.
The data cannot say who minted the new RLUSD tokens, so the chain split alone does not identify which clients drove the shift toward Ethereum.
Source: Bitcoin News
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