Ripple Is Quietly Pulling Its Stablecoin Off Ethereum — Here’s Why It Matters
RLUSD supply on Ethereum has nearly halved since February as Ripple shifts its stablecoin toward its own XRP Ledger network.
Ripple’s dollar-pegged stablecoin, RLUSD, is quietly shrinking on Ethereum while growing fast on Ripple’s own blockchain. According to data from the Ripple Stablecoin Tracker cited by U.Today, RLUSD’s supply on Ethereum has fallen to about $692 million, down sharply from a peak of $1.24 billion in February. If you’re holding or using RLUSD, this shift tells you something important about where Ripple wants your stablecoin activity to live.
In plain terms: Ripple can “burn” (destroy) or “mint” (create) RLUSD tokens on different blockchains depending on demand and strategy. Over the past seven days alone, $115.4 million worth of RLUSD was burned on Ethereum, while only $49.3 million was newly minted there, according to the tracker. Zoom out to the last 30 days and the gap widens further: $369.4 million burned on Ethereum versus just $167.6 million minted.
Why Ripple is steering supply toward its own chain
While Ethereum’s RLUSD supply has been thinning out, the XRP Ledger — Ripple’s own network — is seeing the opposite trend. Over the same 30-day window, $324.1 million was minted on the XRP Ledger against $217.6 million burned, a clear net increase, per the same data.
That’s not a one-off blip. RLUSD’s presence on the XRP Ledger has grown from roughly $20 million at the end of 2024 to about $800 million by late June 2026 — a 40-fold jump, according to U.Today, with most of that growth packed into May and June. In June, XRP Ledger supply overtook Ethereum supply for RLUSD for the first time, and it currently makes up 51% of the stablecoin’s XRP Ledger footprint.
For everyday holders, this matters because it signals where Ripple believes the real usage is happening. RLUSD’s share of all on-chain trading volume on the XRP Ledger has climbed from under 1% to about 12% so far in 2026, and the RLUSD/XRP trading pair alone has processed roughly $900 million over the last six months. Ripple’s total RLUSD circulating supply across all chains currently sits at $1.556 billion.
A regulatory green light lands at the same time
The supply shift isn’t happening in isolation. This week, Ripple secured a Crypto Asset Service Provider (CASP) license from Luxembourg’s financial regulator, the CSSF. That approval makes Ripple fully compliant with the EU’s MiCA framework, meaning its XRP- and RLUSD-based services can now be offered to banks, businesses and corporates across all 30 countries in the European Economic Area.
Put together, the picture is one of Ripple consolidating its stablecoin strategy: less reliance on Ethereum’s rails, more activity concentrated on its own ledger, and fresh regulatory cover to sell that setup to institutions in Europe. For anyone holding RLUSD or watching XRP, that’s a sign Ripple is betting its stablecoin’s future growth on infrastructure it fully controls, rather than sharing the spotlight with Ethereum.
What this means if you hold RLUSD or XRP
Shrinking supply on one chain and growing supply on another doesn’t change what RLUSD is worth — it’s still designed to track $1. But it does affect where liquidity, trading pairs and DeFi integrations are likely to concentrate going forward.
If most of the action moves to the XRP Ledger, users who prefer Ethereum-based wallets or apps may eventually find fewer RLUSD options there, while XRP Ledger users could see deeper liquidity and more trading pairs. As always with stablecoins, the safest approach is to check which network your RLUSD sits on and confirm it’s redeemable before assuming it works the same way everywhere.
Read more: XRP’s $1B Token Unlock Looks Scary — Here’s Why It’s Actually Routine
