The XRP Ledger Just Flipped Ethereum as RLUSD's Home Chain
For the first time, the majority of Ripple's USD stablecoin lives on the XRP Ledger. RLUSD on XRPL now stands at $810M (51.7%) versus $756M (48.3%) on Ethereum — a clean reversal from a month ago, when Ethereum led by more than $300M.
A quiet flippening
Ripple USD (RLUSD) launched as an Ethereum-first, dollar-backed stablecoin, with the XRP Ledger as its second home. For most of its life, the bulk of supply sat on Ethereum. That is no longer true. Across roughly $1.57B of RLUSD now in circulation, the XRP Ledger holds the larger share for the first time.
The shift happened fast. A month ago, Ethereum carried about $1.02B of RLUSD to XRPL's $705M — an Ethereum lead of more than $300M. Since then, RLUSD on Ethereum has contracted while supply on the XRP Ledger has grown, tipping the balance to $810M on XRPL against $756M on Ethereum.
Why it matters
A stablecoin's home chain is where its real economic activity wants to settle. Every tokenized asset, every on-chain market, every redemption needs a stable unit to price and clear in. RLUSD becoming majority-XRPL means the XRP Ledger is increasingly the venue where on-chain dollars actually move — not a secondary deployment.
That tracks with what else is being built on the ledger. There is now roughly $1.43B of real-world assets tokenized and live on the XRP Ledger, led by Ondo's tokenized US Treasuries, which mint and redeem directly against RLUSD. The stablecoin is becoming the cash leg for tokenized treasuries and the quote currency for XRPL markets — and the on-chain dollars are following the activity.
The institutional layer
RLUSD's reserves are custodied at BNY Mellon — a regulated, dollar-denominated unit that settles on-chain in seconds, 24/7. As that infrastructure matures, the chain that hosts the most RLUSD effectively becomes the default settlement network for it. This month, that chain became the XRP Ledger.
How we verified this
These figures come straight from the source, not an aggregator. XRPL RLUSD supply is read on-chain via the issuer's gateway_balances on the XRP Ledger; Ethereum supply is read directly from the RLUSD ERC-20 contract's totalSupply. Both were independently cross-checked against DeFiLlama's stablecoin data, which agreed to within a fraction of a percent.
The bottom line
The headline is XRP ETFs nearing a billion locked. The quieter, structural story is this: on-chain dollars are migrating to the XRP Ledger, and the rails for tokenized finance are being laid on top of them.
Sources: XRP Ledger (rippled gateway_balances on the RLUSD issuer), the RLUSD Ethereum contract (totalSupply), and DeFiLlama stablecoin data, as of June 28, 2026. Figures are point-in-time and move with issuance/redemption. Not financial advice.