Crypto

Ripple's Stablecoin Just Topped 2.4 Billion Dollars, and Most of It Lives on Ethereum

By Omar aka Crypt0 · Sep 16, 2026

Ripple's dollar stablecoin just crossed a milestone that deserves a second look. Net circulating supply of Ripple USD recently topped an all time high of about 2.44 billion dollars before settling near 2.42 billion, making it one of the larger regulated dollar stablecoins in the market.

The interesting part is where the tokens live. RLUSD launched in December 2024 on both the XRP Ledger and Ethereum under a New York Department of Financial Services trust company charter. The plan was straightforward: XRPL would handle fast, low cost enterprise payments while Ethereum plugged the token into deep DeFi liquidity. Live trackers now show Ethereum holding about 1.37 billion dollars of the supply, 56.5 percent, against about 1.05 billion, 43.5 percent, on the XRP Ledger. Most of the growth since July landed on Ethereum, with XRPL receiving the smaller share.

The reasons are structural. Ethereum hosts the deepest concentration of DeFi venues able to put a dollar stablecoin to work. Aave's lending contracts alone hold on the order of 330 million dollars in RLUSD, with Curve pools and other automated market makers adding more depth. Average balances on Ethereum run far higher than on XRPL, pointing to institutional and protocol level holdings rather than a wide retail base. XRPL shows more individual holders and trust lines, with cheaper fees and faster settlement, advantages that matter for payments even though they have drawn less of the newest issuance.

The history makes the current split more striking. For much of 2025 Ethereum dominated, at one point holding close to 88 percent of supply. XRPL then staged a catch up, and by late June 2026 the two networks were roughly even. In early July the XRP Ledger briefly pulled ahead with about 863 million dollars against Ethereum's 676 million of a total near 1.54 billion. Then total supply rose more than 50 percent in a little over a month, and Ethereum captured the larger share of the surge. When demand spiked in August and early September, the capital went where it could work.

For readers, the lesson is about where stablecoins accrue value. A regulated dollar token is only as useful as the venues that put it to work, and right now those venues cluster on Ethereum. Ripple treats the two chains as complementary, minting and rebalancing across both, and RLUSD is expanding toward corporate treasury use and additional networks. Whether XRPL reclaims the majority as payment volume scales stays an open question. The answer so far is clear: in the competition for the dollar, utility wins.

Sources

New to crypto? Read the crypto glossary, browse frequent questions, read our story, or explore the story archive.