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RLUSD Concise summary
Ethereum currently holds US$989.34 million in RLUSD, surpassing XRP Ledger's US$941.36 million, and the distribution of supply between the two blockchain networks has reversed.
Higher minting volumes on Ethereum have driven this reversal, including several multi-million-dollar deals, while XRP Ledger overall issuance and destruction activity is relatively low.
The circulation of RLUSD has reached approximately US$1.939 billion, setting a record high, and the total supply is close to the US$2 billion mark.
Ethereum holds more RLUSD than XRP Ledger
Ethereum now holds more Ripple USD than XRP Ledger, reversing the previous distribution of RLUSD supply between the two blockchain networks. According to data from the Ripple stablecoin tracker, Ethereum holds $989.34 million in RLUSD, while there is $941.36 million in circulation on XRP Ledger.
The total liquidity between the two networks is close to US$1.93 billion, putting Ripple's dollar-anchored stablecoin just one step away from an important US$2 billion supply milestone. The reversal came after XRP Ledger had previously taken the lead in June-when its RLUSD liquidity surpassed Ethereum for the first time. However, Ethereum's greater minting power has shifted the balance, with the network currently holding approximately $48 million more RLUSD than XRP Ledger.
Ethereum coin drives supply reversal
Ethereum recorded US$73.8 million in RLUSD coin on August 20, while removing approximately US$23.5 million through token destruction. In addition, Ethereum recorded another $53.2 million in coinage on August 21, while approximately $15 million was removed from circulation.
XRP Ledger recorded US$36.1 million in RLUSD coinage on August 20, with approximately US$15.4 million destroyed during the same period. In addition, XRP Ledger recorded an additional $12.5 million in coinage on August 21, while approximately $6.5 million was removed through destruction.
As a result, Ethereum recorded significantly higher net issuance in both time periods, helping its RLUSD outstanding balance exceed XRP Ledger. According to X-account information from the Ripple stablecoin tracker, several large transactions on Ethereum have contributed significantly to changes in the distribution pattern between the two networks.
It is reported that two transactions on Ethereum coined 25 million and 20 million RLUSD respectively, and the other transaction removed 10 million coins from circulation. During the 24 hours reported, there were three additional deals on Ethereum that were minted 20 million, 14 million and 16 million RLUSD respectively. At the same time, XRP Ledger recorded a separate 10 million RLUSD coin, indicating that XRP Ledger's issuance activity was ongoing despite the much larger trading volume on Ethereum.
RLUSD liquidity approaches US$2 billion
RLUSD's total liquidity supply is close to US$1.939 billion, the highest since Ripple launched the stablecoin in December 2024. Ripple supported both Ethereum and XRP Ledger when it launched RLUSD, and has been distributed across two mature blockchain networks since the beginning of its release.
Notably, XRP Ledger overtook Ethereum in June, highlighting how the minting and destruction model changes the distribution of supply between supported networks. Now Ethereum has regained its lead, and its larger circulation has increased its share of total RLUSD circulation.
However, XRP Ledger still holds more than US$941 million in RLUSD, maintaining a significant share despite losing its previous lead. Ethereum currently leads by approximately US$48 million, while the total RLUSD circulation of the two networks is approximately US$61 million short of the US$2 billion milestone.
