Ripple USD (RLUSD) has achieved a significant distribution milestone, with the XRP Ledger (XRPL) overtaking Ethereum as the stablecoin’s largest native network. On-chain data shows approximately $801.8 million in RLUSD on XRPL, compared to about $795.6 million on Ethereum, giving Ripple’s blockchain a narrow lead in the $1.6 billion RLUSD market.
However, the shift is largely attributed to Ethereum token burns rather than a surge in new demand on XRPL. About three-quarters of the RLUSD removed over the past month came from Ethereum through redemptions and burns, making the ‘flippening’ partly a result of treasury operations rather than a clear migration of users or trading activity.
RLUSD now ranks among the ten largest stablecoins, with daily trading volume reaching approximately $166 million. The stablecoin’s activity on XRPL can involve XRP directly, as users pay transaction fees in XRP and the network can route trades through XRP when direct markets between two assets lack liquidity. This could create additional XRP use across payments, exchange transfers, and decentralized trading, provided users actively move the stablecoin and create active markets.
Meanwhile, RLUSD has expanded into Japan through SBI VC Trade after receiving regulatory clearance, with Ethereum serving as the initial network for the Japanese rollout. An XRPL Foundation representative noted that Ethereum’s early role was expected and that XRPL-based RLUSD could join the Japanese market later, though no fixed timetable has been confirmed.
The central question remains whether RLUSD on XRPL will generate sustained trading, payment, and liquidity activity to drive XRP demand, or if the supply shift will remain a technical milestone without lasting external volume.
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