Ripple’s USD stablecoin RLUSD had a total circulating supply of about $1.63 billion as of June, with $879 million (53%) on the Ethereum network and $760 million (47%) in the XRP Ledger (XRPL). Although Ripple positions XRPL as the “primary” issuing venue for RLUSD, Ethereum still dominates the supply split at 53 vs 47.
Historical shifts in RLUSD supply distribution between Ethereum and XRPL
(Source: DeFiLlama)
Based on confirmed historical data compiled by Protos, RLUSD’s supply distribution between Ethereum and XRPL has continued to shift toward XRPL:
October 2025: Ethereum at about 88%, with XRPL at only about $91 million
End of 2025: Ethereum down to about 81% (about $1 billion), with XRPL at about $235 million
June 2026 (current): Ethereum at 53% ($879 million), XRPL at 47% ($760 million)
In the past 18 months, XRPL has gradually reclaimed market share from Ethereum, but it still remains in second place.
Confirmed usage data for RLUSD in Ethereum’s DeFi ecosystem
According to reports, confirmed RLUSD usage on Ethereum:
Aave V3 integration: In April 2025, Ripple introduced RLUSD into the Aave V3 lending market; by the end of 2025, about two-thirds of RLUSD had been deposited into Aave. At one point, RLUSD was the largest single asset in the Aave Horizon institutional market
Other DeFi platforms: Protocols such as Curve and Morpho hold hundreds of millions of dollars’ worth of Ethereum-based RLUSD
Q1 2026 trading volume: RLUSD trading volume hit a record $18.4 billion, with most of it not involving XRPL trades
Each RLUSD transfer on XRPL consumes about one-one-hundred-thousandth of an XRP transaction fee, at less than $0.0001. The amount by which XRP holders’ supply gained from these settlement activities decreases by only a few cents.
RLUSD reserves and cross-chain architecture details
According to Ripple’s official confirmation:
Reserve custody: RLUSD reserves are stored off-chain and are unrelated to blockchains; BNY Mellon (Bank of New York Mellon) was designated as the primary custodian in July 2025
Cross-chain expansion: Ripple uses the Wormhole cross-chain bridge to push RLUSD to Ethereum layer-2 networks, including Coinbase’s Base
Ripple CEO Brad Garlinghouse has long argued that financial activity will span multiple blockchains, and RLUSD’s multi-chain deployments are part of that strategy.
FAQ
Why is most of RLUSD’s supply on Ethereum rather than XRPL?
According to reports, Ethereum’s DeFi ecosystem (including Aave V3, Curve, Morpho, etc.) offers deeper liquidity pools and more yield opportunities for RLUSD, making institutions and DeFi users more inclined to use RLUSD on Ethereum. The size of Ethereum’s user base and the maturity of its DeFi applications far exceed XRPL’s current comparable applications.
Has Ethereum’s share always been higher than XRPL’s for RLUSD?
Yes. Since it launched in December 2024, Ethereum has maintained dominance. In October 2025, Ethereum’s share was as high as about 88%; afterward, XRPL gradually regained share. As of June 2026, Ethereum’s share has fallen from 88% to 53%.
How much profit can XRP token holders earn from the use of RLUSD?
According to reports, the transaction fee consumed by each RLUSD transfer on XRPL is about one-one-hundred-thousandth of an XRP, with a value of less than $0.0001. The reduction in the XRP supply amount that XRP token holders receive from RLUSD settlement activities is only a few cents.
