XRP Keeps the Torch, But $RLUSD’s Biggest Bill Comes Via Ethereum 🏦

Ripple CEO Brad Garlinghouse says $RLUSD and $XRP are “complementary, not competitive,” despite on-chain data showing that roughly two-thirds of the stablecoin’s supply now resides on Ethereum rather than the XRP Ledger. Responding to XRP Ledger community member Vet on Nov. 3, 2026, Garlinghouse wrote: “Well said, Vet. Complementary, not competitive.”

The stablecoin currently has a market cap of about $2.57 billion, with approximately $1.72 billion circulating on Ethereum and $850 million on the XRP Ledger, according to DefiLlama data. Over the past month, $RLUSD supply on Ethereum grew by about a third while the XRP Ledger lost nearly the same share, reversing the XRP Ledger’s lead established in late June. Ethereum regained the lead in late August, and Ripple has not explained the shift.

Garlinghouse said $RLUSD is not competing with $XRP and instead aims to serve other stablecoin use cases on the XRP Ledger. In a Nov. 3, 2026 post on X, he wrote: “Agreed! RLUSD isn’t competing with XRP. It’s competing with other stablecoins. Use case matters, and I want those use cases running on the XRPL.”

The distinction also includes control and transaction mechanics. XRP Ledger developer Vet noted that Ripple issues the $RLUSD supply and can freeze those tokens, while nobody can freeze $XRP. Every account on the XRP Ledger requires an $XRP reserve, and users pay all transaction fees in $XRP.

Ethereum’s deeper DeFi ecosystem, including the lending protocol Aave, contrasts with the XRP Ledger’s lack of native lending. Ethereum also held most of the stablecoin from the start. Overall, $RLUSD’s market cap has risen by more than 88% this year, according to Ripple, while the new national trust bank charter covers the reserves backing the stablecoin.