- Over half ($879 million) of Ripple‘s RLUSD stablecoin supply is hosted on Ethereum, not its native XRP Ledger.
- The stablecoin’s utility is largely driven by Ethereum’s DeFi ecosystem, including major protocols like Aave.
- Despite marketing RLUSD as a flagship for XRPL, its growth underscores Ethereum’s dominant network effects.
- The XRP token captures minimal value from RLUSD activity, with transaction fees burning minuscule amounts.
Ripple‘s USD stablecoin, launched in December 2024 with a New York State license, has found its primary home on a competing network. Consequently, data shows $879 million of the $1.63 billion supply resides on Ethereum versus $760 million on the XRP Ledger. This represents a significant shift from late 2025, when Ethereum hosted an overwhelming 81% of the tokens.
Ripple markets RLUSD as an enterprise-ready asset for the XRP Ledger. However, its practical utility and volume are overwhelmingly tied to Ethereum’s DeFi landscape. For instance, the stablecoin was integrated into Aave V3 in April 2025, where it became a major deposit asset.
Meanwhile, transaction volume for RLUSD hit a record $18.4 billion in Q1 2026. This activity is largely fueled by Ethereum’s deeper liquidity and wealthier user base. Conversely, XRP tokenholders see minimal benefit from this stablecoin activity, as transfers burn negligible fees.
Ripple CEO Brad Garlinghouse has argued for a multi-chain financial future. The company even enlisted Wormhole to bridge RLUSD to other networks. Reserves are held off-chain by Bank of New York Mellon, which was named custodian in July 2025.
Currently, XRP trades at $1.27, down significantly year-over-year. Therefore, the clearest growth in Ripple‘s ecosystem is a stablecoin whose largest venue remains its top competitor.
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