Most of Ripple’s own stablecoin lives on Ethereum

Nearly all of the Ripple USD stablecoin is on Ethereum, the highest competitor to Ripple’s $XRP Ledger.

Certainly, $879 million of the roughly $1.63 billion price of tokens in circulation sits on Ethereum versus $760 million on the $XRP Ledger, a 53-to-47 break up in Ethereum’s favor.

Ripple markets its dollar-pegged stablecoin as a flagship of the $XRP Ledger’s enterprise readiness, but a wholly completely different blockchain minted the vast majority of the provision.

$RLUSD launched in December 2024 with an impressive-sounding New York State Division of Monetary Providers license.

Unable to meet its launch on simply the XRPL, Ripple issued tokens natively on two blockchains, pitching $XRP because the “dwelling” venue though Ethereum has hosted the vast majority of the tokens.

By October 2025, roughly 88% of $RLUSD provide lived on Ethereum, with simply $91 million on XRPL.

Though Ethereum has ceded a few of its dominance to XRPL over the previous eight months, XRPL stays in second place.

By the tip of 2025, Ethereum’s share was nonetheless 81%, roughly $1 billion in opposition to $235 million on XRPL. At the moment, after 18 months of labor, XRPL has labored itself as much as a 47% share.

Ethereum has the customers

On Ethereum, Ripple USD is helpful on DeFi functions that dwarf comparable DeFi on XRPL.

For instance, Ripple put $RLUSD into the Aave V3 lending market in April 2025, the place customers could deposit it for yield or borrow it for a charge collateralized by different Ethereum-based digital property.

By late 2025, practically two-thirds of all $RLUSD had been deposited into Aave. $RLUSD as soon as ranked as the most important single asset within the protocol’s institutional Horizon market.

Curve and Morpho, different DeFi platforms, additionally vault tons of of tens of millions extra of Ethereum-based $RLUSD.

The transaction report additionally factors to the success of Ripple USD on Ethereum.

$RLUSD switch quantity hit a report $18.4 billion within the first quarter of 2026, most of which was not XRPL transactions. As a substitute, Ethereum offered a bigger, wealthier neighborhood of DeFi customers with deeper liquidity swimming pools.

$XRP, the token that followers of XRPL should purchase, captures nearly not one of the worth of $RLUSD dominance slowly transitioning away from Ethereum.

Each $RLUSD switch on the $XRP Ledger burns a charge of roughly 100 thousandth of 1 $XRP, an quantity price lower than $0.0001.

Regardless of Ripple’s advertising of $RLUSD as an institutional settlement token with its dwelling on XRPL, $XRP tokenholders take pleasure in a discount of provide measured in fractions of fractions of a cent for these settlements.

Ripple’s multi-chain success story for Ethereum

In fact, Ripple CEO Brad Garlinghouse has lengthy argued that finance will run throughout many blockchains. The corporate even enlisted the Wormhole cross-blockchain bridge to push $RLUSD onto Ethereum layer-2 networks like Coinbase’s Base.

Reserves for the stablecoin are blockchain agnostic, sitting off-chain with the Financial institution of New York Mellon, which Ripple named as a major custodian in July 2025.

As of writing time, $XRP is buying and selling at $1.27, down 31% from the place it began 2026 and 41% over the past yr.

The clearest development story in Ripple’s orbit is a stablecoin whose largest house is Ethereum, the community $XRP had hoped to displace.