Ripple has issued another 50 million RLUSD tokens on Ethereum, pushing the stablecoin's total circulating supply to approximately $1.63 billion and moving the network into near parity with the XRP Ledger. On-chain data tracked by Ripple Stablecoin Tracker showed the mint occurred at the RLUSD Treasury, with the supply approaching the project's internal issuance record.
As of the latest figures, the XRP Ledger holds roughly $817.5 million RLUSD, or 50.18% of supply, while Ethereum accounts for about $811.7 million, or 49.82%. The gap between the two networks has narrowed to only $5.7 million. Over the past 30 days, the XRP Ledger has experienced a net outflow of about $42.3 million in RLUSD, whereas Ethereum's balance has grown by $173.4 million.
The shift reflects Ripple's multichain strategy rather than a complete rejection of the XRP Ledger. Ethereum provides access to mature DeFi infrastructure, deep stablecoin liquidity, lending protocols, and institutional rails. Corporate clients and banks often prefer the ERC-20 environment and RLUSD's predictable dollar peg.
Binance has also announced support for RLUSD on Ethereum, with XRP/RLUSD and RLUSD/USDT trading pairs available at launch, adding another major route into global trading liquidity. Ripple describes RLUSD as natively issued on both the XRP Ledger and Ethereum, with additional blockchain support possible. The stablecoin is backed by segregated reserves and designed to maintain a one-to-one value with the U.S. dollar.
The rapid rebalancing between networks has raised fresh questions about XRP's role in Ripple's expanding payments ecosystem. High volatility may make XRP less suitable for cross-border settlements, while RLUSD appears increasingly positioned as the utility asset for transactions and DeFi.
