The XRP Ledger now hosts more Ripple USD (RLUSD) stablecoin supply than Ethereum for the first time, with approximately $801 million on the XRP Ledger versus $795 million on Ethereum, according to data from multiple crypto exchanges and analytics platforms. This milestone marks a significant shift after 18 months where the vast majority of RLUSD supply had been issued on Ethereum.
RLUSD, Ripple’s dollar-backed stablecoin, was designed to maintain a constant value of one US dollar and launched on both the XRP Ledger and Ethereum blockchains. For much of 2025 and early 2026, Ethereum dominated as the primary venue for RLUSD issuance, but the balance has now tipped decisively toward Ripple’s native ledger.
Regulatory Approvals Drive the Shift
The timing of this flip aligns with major regulatory wins for Ripple. On June 24, 2026, Ripple and SBI Group officially launched RLUSD in Japan following approval from the Japan Financial Services Agency (JFSA), marking the stablecoin’s debut in one of the world’s most regulated financial markets. SBI VC Trade began distributing RLUSD to both institutional and retail users under Japan’s Payment Services Act framework.
Days earlier, on June 23, 2026, Ripple secured preliminary approval for a Markets in Crypto-Assets (MiCA) Crypto Asset Service Provider (CASP) license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). This license enables Ripple to offer payment and stablecoin services across all 30 countries of the European Economic Area.
According to market observers, regulated markets give RLUSD stronger incentives to operate on the XRP Ledger rather than Ethereum. When new jurisdictions approve RLUSD under their own regulatory frameworks, issuers and institutions tend to mint it on Ripple’s infrastructure, where the company’s payment rails and compliance systems are most tightly integrated.
Context: RLUSD’s Growing Institutional Footprint
RLUSD’s total supply has fluctuated significantly in 2026. The stablecoin reached a peak of approximately $1.8 billion in total circulation in early June, before declining to around $1.6 billion by late June, according to 24/7 Wall St. Despite the overall supply contraction, the reallocation toward the XRP Ledger reflects growing institutional demand in regulated regions.
In January 2026, roughly 30% to 35% of RLUSD supply sat on the XRP Ledger, with the remainder on Ethereum, according to Ripple’s own statements at the time. By Q1 2026, RLUSD on the XRP Ledger had grown 45% to reach $340 million, making it the largest stablecoin on the network. The June milestone represents the culmination of that acceleration.
Ripple has positioned RLUSD as a liquidity layer for cross-border payments and settlement, with the stablecoin now available in markets including Japan, Turkey, and the European Economic Area through various regulated channels. Token Terminal data showed RLUSD transfer volume hit $18.4 billion in Q1 2026, the highest quarter on record, with more than 55% of that activity occurring on the XRP Ledger, according to Yahoo Finance.
The shift also reflects Ripple’s broader strategy to build institutional infrastructure on its own ledger. The company has integrated RLUSD into its On-Demand Liquidity (ODL) payment corridors and positioned the stablecoin for use in collateral management, trade settlement, and supply chain finance—use cases that require tight integration with XRP’s transaction layer.
Sources
- Yahoo Finance — RLUSD supply figures ($801M on XRPL vs $795M on Ethereum), historical dominance of Ethereum, and Q1 2026 transfer volume data
- KuCoin — Confirmation of RLUSD supply milestone on XRP Ledger
- 24/7 Wall St. — Total RLUSD supply decline and historical allocation percentages
- Ripple (official press release) — RLUSD launch in Japan with SBI Group and JFSA approval on June 24, 2026
- The Paypers — Details on SBI VC Trade distribution timeline and JFSA regulatory framework
- Ripple (official press release) — Preliminary MiCA CASP license approval from Luxembourg on June 23, 2026
- CoinDesk — MiCA license details and Ripple’s European expansion pathway
- TradingView (Coinpedia) — January 2026 allocation data (30-35% on XRP Ledger)
- Memeburn — Q1 2026 RLUSD growth on XRP Ledger (45% increase to $340M)
