Ripple’s RLUSD stablecoin now larger on XRP Ledger than Ethereum

Ripple’s RLUSD stablecoin now totals about $801 million on the XRP Ledger, surpassing the roughly $795 million held on Ethereum for the first time [1]. The move comes as XRP trades near $1.08, down more than 50% over the past year, and highlights a strategic shift that could affect the token’s utility even though price momentum remains weak [2].

RLUSD shifts home to the XRP Ledger

After 18 months on Ethereum, Ripple’s own dollar‑stablecoin has moved the majority of its supply to the XRP Ledger. The share of RLUSD on XRPL rose from about 9% in October to just over 50% now, driven largely by Ripple burning $539 million of RLUSD—three‑quarters of which was removed from Ethereum [1]. The total RLUSD supply also fell 11% in the past month, indicating the shift is more about shrinking the Ethereum component than attracting new dollars.

Why the price hasn’t reacted yet

Despite the on‑chain realignment, XRP’s market price remains near $1.08, down roughly 9% in the last week and over 50% for the year [2]. Broad market weakness—Bitcoin hovering in the low $60,000s—and lingering macro pressure from delayed Fed rate cuts have muted any upside from the RLUSD news. Moreover, the migration is largely an internal reallocation; external demand for XRP‑mediated trades has not materialised. Institutional pilots, such as JPMorgan and Mastercard settling tokenized Treasury trades on XRPL in under five seconds, show growing interest, but the volume routed through XRP itself remains thin [1].

Tokenomics and institutional context

XRP serves as the built‑in bridge token on the ledger, routing trades that involve RLUSD to other assets. When RLUSD resides on XRPL, each swap can generate a brief XRP “middle‑man” role, potentially increasing network activity. However, the token’s supply is largely unchanged, and the short‑term holding period limits any price impact. The broader ecosystem has seen tokenized real‑world assets on XRPL grow 124% in a single quarter, driven mainly by institutional capital, but this growth has not yet translated into sustained XRP buying pressure [1].

What to watch

• Regulatory outcome: The Senate’s CLARITY Act vote, expected late July or August, could settle XRP’s legal status and affect institutional participation.
• ETF inflows: Spot XRP ETFs have accumulated $1.48 billion since launch, but net assets fell to $944 million as price declines eroded value; monitoring future inflows will signal demand.
• RLUSD supply milestones: If XRPL‑based RLUSD circulation passes $1 billion and on‑chain volume through XRP rises, the token could see a utility boost.

The RLUSD migration underscores Ripple’s strategy to align its stablecoin with the ledger where XRP can capture routing fees, yet the token’s price remains decoupled from these operational gains. Whether external volume will eventually flow through XRP—and whether regulatory clarity will unlock broader institutional adoption—remains the key question for the remainder of 2026.