RLUSD supply hit $1.26B, and 82% of it now sits on Ethereum, not XRPL

Ripple's RLUSD stablecoin supply has surged to $1.26 billion within a year, but 82% ($1.03 billion) is currently on Ethereum, with only $235 million on the XRP Ledger (XRPL). This disparity is attributed to Ethereum's established liquidity, composability, and integration with major DeFi protocols like Aave and Curve, which offer low-slippage execution crucial for institutional users. Conversely, XRPL's DeFi foundation, including its AMM launched in 2024, remains nascent, leading to shallow liquidity pools.

On-chain data refutes claims that the Ethereum supply is merely idle, showing weekly transfer volumes averaging $1.0 billion and a rise in weekly transaction counts to 7,000, indicating broad utility and recurring usage. The token has attracted approximately 6,400 holders on Ethereum in 2025.

The structural friction on XRPL, such as reserve requirements and the potential need for explicit allow-listing via the `RequireAuth` setting, slows organic adoption, even though these features appeal to regulated entities. For RLUSD to become a top-tier stablecoin, Ripple must leverage its Ethereum success, with projections suggesting Ethereum could retain 80-90% of the supply unless significant intervention boosts XRPL liquidity.

(Source：CryptoSlate)