XRPL Flips Ethereum in RLUSD Race—Ripple's Stablecoin Picks a Side 🏁

The XRP Ledger now holds more Ripple USD (RLUSD) than Ethereum, according to the Ripple USD Tracker, marking the first time the XRPL has led its Ethereum counterpart in stablecoin supply for the two supported networks. Data cited in the report shows roughly $801.79 million worth of RLUSD active on the XRP Ledger, compared with $795.59 million on Ethereum.

The shift in supply comes as Ripple expands RLUSD's footprint in Japan. On June 25, Ripple said RLUSD is now available in the country through a partnership with SBI Holdings and crypto exchange SBI VC Trade. The launch extends Ripple's existing collaboration with SBI Group and is intended to support cross-border payments, tokenization and collateral management, according to the company.

SBI VC Trade's service overview page lists Ethereum among its currently supported networks and indicates that XRP Ledger support will be added in the near future. The pending integration has drawn attention from XRPL validators tracking institutional adoption of the network. XRP Ledger validator Vet said RLUSD is accelerating institutional uptake of the XRPL and expressed hope for additional integrations going forward.

The Japan rollout adds to a series of distribution moves for RLUSD, which Ripple has positioned as a dollar-denominated stablecoin for enterprise and payments use cases. Ripple has not publicly detailed further geographic expansions beyond the SBI VC Trade partnership. The relative parity between Ethereum and XRP Ledger RLUSD supply—about $6.20 million separating the two chains—reflects how newly the balance has tipped, with the XRPL only narrowly ahead at the time of the tracker reading.