Ripple’s stablecoin, RLUSD, has seen its Ethereum-based supply shrink to approximately $692 million, according to data from the Ripple Stablecoin Tracker. This marks a sharp decline from the over $727 million recorded at the beginning of July, as Ripple actively adjusts the circulating supply through token burns and mints.
In the last seven days, a net burn of $115.4 million was recorded on the Ethereum blockchain, with only $49.3 million in new RLUSD minted during the same period. On July 29 alone, $25.9 million was burned while just $6.2 million was minted. The 30-day window shows an even more aggressive reduction: $369.4 million burned versus $167.6 million minted on Ethereum.
Meanwhile, the XRP Ledger tells a different story. Over the past 30 days, $324.1 million in RLUSD was minted and $217.6 million burned on the XRP Ledger, contributing to a total circulating supply of $1.556 billion. RLUSD’s footprint on XRP Ledger has surged, overtaking Ethereum’s supply for the first time in June. From a modest $20 million at the end of 2024, RLUSD on XRP Ledger has grown to roughly $800 million by late June 2026—a 40-fold increase, with the largest gains occurring in May and June.
The RLUSD/XRP trading pair has been a key driver, clearing approximately $900 million over the past six months. RLUSD’s share of all on-chain trading on the XRP Ledger climbed from under 1% to about 12% in 2026, cementing its position as one of the most-traded issued assets on the network.
Adding to the momentum, Ripple this week received its Crypto Asset Service Provider (CASP) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). The authorization confirms Ripple as fully MiCA-compliant, allowing it to offer solutions underpinned by XRP and RLUSD to financial institutions, corporates, and businesses across all 30 countries of the European Economic Area.
