RLUSD supply on Ethereum surpasses XRPL, grows 93% in 30 days

Ripple’s dollar-pegged stablecoin RLUSD has become a two-chain tug-of-war story, and Ethereum is winning the latest round. The token’s supply on Ethereum surged roughly 93% over the past 30 days, pushing the network’s share past the XRP Ledger for the first time since mid-2026. Total RLUSD supply now sits at approximately $2.37B, with Ethereum holding about $1.33B (56.1%) and XRPL retaining $1.04B (43.9%). The numbers behind the shift The 30-day period saw aggressive minting activity. Roughly $1.39B worth of RLUSD was minted while approximately $606.8M was burned, producing significant net growth that landed disproportionately on Ethereum. Of the $303.7M added to RLUSD’s market cap during that stretch, Ethereum accounted for $256.5M, or about 84% of the increase. The single largest concentration of RLUSD on Ethereum lives inside Aave’s lending contracts, holding roughly $330M. Ripple’s own deployer wallet accounts for another $114M. Average holder balances reinforce the institutional tilt. On Ethereum, the typical RLUSD holder sits on about $106K. On XRPL, that figure drops to around $15K, spread across more than 69,000 individual wallets. Why Ethereum keeps pulling ahead When RLUS...