In Brief:
- Ethereum now holds $989.34 million in RLUSD, overtaking XRP Ledger’s $941.36 million as network supply distribution shifts between both blockchains.
- Higher Ethereum minting drove the reversal, including several multimillion-dollar transactions, while XRP Ledger recorded comparatively lower issuance and burning activity overall.
- RLUSD circulation has reached approximately $1.939 billion, marking an all-time high and placing total supply near the $2 billion milestone.
Ethereum now holds more Ripple USD than the XRP Ledger, reversing the previous distribution of RLUSD supply across both blockchain networks. According to Ripple Stablecoin Tracker, Ethereum holds $989.34 million in RLUSD, compared with $941.36 million circulating on the XRP Ledger.
Combined circulation stands near $1.93 billion, bringing Ripple’s dollar-backed stablecoin within reach of the significant $2 billion supply milestone. The reversal follows XRP Ledger’s previous lead in June, when its circulating RLUSD supply surpassed Ethereum for the first time. However, stronger Ethereum minting has changed the balance, leaving the network with approximately $48 million more RLUSD than XRP Ledger.
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Ethereum Minting Drives the Supply Reversal
Ethereum recorded $73.8 million in RLUSD mints on August 20, while approximately $23.5 million was removed through token burns. Additionally, Ethereum recorded another $53.2 million in mints on August 21, while approximately $15 million was removed from circulation.
XRP Ledger registered $36.1 million in RLUSD mints on August 20, alongside approximately $15.4 million in burns during that period. Moreover, XRPL recorded another $12.5 million in mints on August 21, while roughly $6.5 million was removed through burns.
Consequently, Ethereum recorded considerably higher net issuance across both periods, helping its circulating RLUSD balance move above the XRP Ledger. According to Ripple Stablecoin Tracker’s X account, several large Ethereum transactions contributed significantly to the changing distribution between both networks.
Two reported Ethereum transactions minted 25 million and 20 million RLUSD, while another transaction removed 10 million tokens from circulation. Three additional transactions also minted 20 million, 14 million, and 16 million RLUSD on Ethereum within the reported 24-hour period. Meanwhile, XRP Ledger recorded a separate 10 million RLUSD mint, showing issuance remained active despite Ethereum’s considerably larger transaction volumes.
RLUSD Circulation Moves Toward $2 Billion
RLUSD’s total circulating supply stands near $1.939 billion, marking its highest recorded level since Ripple launched it in December 2024. Ripple introduced RLUSD with support for Ethereum and XRP Ledger, providing distribution across two established blockchain networks from its launch.
Significantly, XRP Ledger overtook Ethereum in June, highlighting how minting and burning patterns can alter supply distribution between supported networks. Ethereum has regained the leading position as its larger issuance volumes increase its share of RLUSD’s combined circulating supply.
However, XRP Ledger still hosts more than $941 million in RLUSD, maintaining a substantial share despite losing its previous lead. Ethereum now leads by roughly $48 million, while combined RLUSD circulation sits approximately $61 million below the $2 billion milestone.
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