Ripple has moved another 1.36 million RLUSD from the XRP Ledger to Ethereum, but the transaction itself is only a small part of a much bigger shift.
On Sept. 6, roughly 1,363,615 RLUSD was removed from circulation on XRPL and an identical amount was minted on Ethereum seconds later, according to on-chain transactions highlighted by U.Today.
The mirrored amounts strongly suggest a supply rebalance rather than creation of an additional $1.36 million of RLUSD.
More importantly, Ethereum’s lead is widening.
Live chain data now shows around $1.38 billion of RLUSD on Ethereum and $1.03 billion on XRPL, giving Ethereum roughly 57.3% of total supply and a lead near $350 million.
XRPL’s RLUSD Lead Lasted Only Weeks
The reversal has been fast.
In late June, XRPL overtook Ethereum for the first time, hosting roughly $801 million of RLUSD against Ethereum’s $795 million. The first RLUSD flip looked significant because RLUSD usage on XRPL had expanded rapidly.
By Aug. 21, however, Ethereum had moved back ahead with $989.34 million, versus $941.36 million on XRPL.
Now the gap is roughly seven times larger.
| RLUSD supply | Approx. latest |
|---|---|
| Ethereum | $1.38B |
| XRP Ledger | $1.03B |
| Ethereum lead | ~$350M |
| Ethereum share | 57.3% |
| XRPL share | 42.7% |
| Total RLUSD supply | ~$2.4B |
Why Ethereum May Be Pulling Ahead
The shift does not necessarily mean Ripple is abandoning XRPL.
Ripple explicitly issues RLUSD across multiple blockchains, and its official documentation now lists native availability beyond Ethereum and XRPL, including networks such as Base, Optimism, Unichain and the XRPL EVM Sidechain.
Ethereum also offers access to deeper DeFi liquidity.
RLUSD can interact with lending markets, decentralized exchanges and liquidity pools across Ethereum’s mature financial ecosystem. Live-chain analytics point specifically to protocols such as Aave and Curve as sources of Ethereum demand.
That fits Ripple’s broader dual-chain strategy, which has always positioned Ethereum as an additional liquidity venue rather than a replacement for XRPL.
RLUSD itself is also much larger than it was during June’s chain competition.
Ripple’s latest transparency figures show $2.396 billion circulating as of Sept. 3, against $2.518 billion in reserve assets. The stablecoin had only recently passed the $2 billion milestone.
XRPL still has meaningful native RLUSD activity. Earlier on-chain research found the stablecoin had grown from less than 1% of XRPL trading volume to roughly 12%, while XRP remains integral to network fees and settlement mechanics on XRPL.
The important distinction is therefore not that RLUSD is “leaving XRP.”
RLUSD is Ripple’s stablecoin, XRP is a separate digital asset, and XRPL is one of the networks on which RLUSD is issued.
