Ripple's RLUSD stablecoin has undergone a major distribution shift. According to data from XRP-focused treasury firm Evernorth, 52% of all RLUSD in circulation now resides on the XRP Ledger (XRPL), compared to 48% on Ethereum. This marks a sharp rise from just 17% in April 2025, making XRPL the dominant network for the stablecoin.
Supply Migration from Ethereum to XRPL
Data shows RLUSD supply on XRPL continues to grow, while Ethereum's share has declined significantly. Evernorth Treasury reported that RLUSD supply on Ethereum dropped from approximately $1.24 billion in February to nearly $700 million. As more users settle and trade RLUSD directly on XRPL, the network is attracting greater liquidity.
"The expansion of RLUSD on XRPL does not come at the expense of XRP," Evernorth stressed. Each RLUSD transaction processed on XRPL still requires XRP to pay network fees, linking stablecoin growth directly with ledger activity.
RLUSD/XRP Pair Dominates Trading Activity
Trading data underscores RLUSD's momentum within the XRPL ecosystem. Over the past six months, the RLUSD/XRP trading pair generated roughly $900 million in volume, representing nearly 90% of all RLUSD trading activity on the network. This highlights XRP's continued role as a core settlement asset while supporting stablecoin liquidity.
As volumes rose, RLUSD became one of the most actively traded assets on XRP Ledger. Evernorth Treasury noted that rising on-chain liquidity and trading volumes indicate XRPL has become the leading ecosystem for Ripple's stablecoin.
On-Chain Activity and Network Effects
The supply shift reflects broader adoption beyond token issuance. More transfers, payments, and trading activity now occur directly on the ledger, reinforcing XRPL's position as RLUSD's primary operating network. Increased stablecoin concentration on XRPL could attract more DeFi projects, amplifying network effects. Ripple has not commented on the distribution change.