XRPL Flips Ethereum in RLUSD Supply, Quietly Stealing the Stablecoin Spotlight 🏦

Ripple's RLUSD stablecoin has shifted the balance between its two host blockchains, with the XRP Ledger now hosting more RLUSD than Ethereum. According to the Ripple USD Tracker, roughly $801.79 million of RLUSD is active on the XRP Ledger, compared with $795.59 million on Ethereum, marking the first time the XRPL has held the larger share. Figures cited from DeFiLlama place XRPL RLUSD above $804 million, accounting for approximately 52% of total supply, while Ethereum's share has contracted to around $771 million. RLUSD's total supply across chains stands at about $1.57 billion. DeFiLlama data also shows XRPL stablecoin supply rising more than 8% week-on-week with inflows exceeding $800 million, while Ethereum-side stablecoin supply declined 0.3%.

The shift coincides with Ripple's June 25 rollout of RLUSD in Japan through its partnership with SBI Holdings and crypto exchange SBI VC Trade. SBI VC Trade's service overview lists Ethereum among its supported networks and indicates that XRP Ledger support will be added in the near future. Japan has granted regulatory approval for RLUSD, opening the stablecoin to a market of roughly 122 million people for payments and related use cases, and Ripple said the launch will extend its work with SBI Group around cross-border payments, tokenization and collateral management.

XRP Ledger validator Vet said RLUSD is accelerating institutional adoption of the XRPL and expressed hope for additional integrations going forward. SoSoValue data cited in market coverage shows spot Ripple ETF products recording $31.32 million in net inflows so far in June, below May's $132 million, while Ethereum products recorded $377 million in net outflows over the same window. The XRP/ETH ratio has remained range-bound on the weekly chart since September, even amid broader crypto volatility. No further figures, dates or quotes were reported beyond those listed above.