According to Ripple USD Tracker data, the RLUSD balance on the XRP Ledger has risen to $801.8 million, overtaking the $795.6 million held on the Ethereum network. This marks the first time the XRP Ledger has taken the lead in RLUSD supply.
Community members attribute the shift less to rapid growth on the XRP Ledger and more to significant redemptions and token burns on Ethereum. Large-scale RLUSD burns reduced the Ethereum balance, while demand on XRP Ledger remained steadier, allowing it to claim the top spot.
RLUSD Ranks 8th Among Global Stablecoins, Still Trails Two Rivals
CoinMarketCap data shows RLUSD's total market cap at $1.598 billion, ranking it the eighth-largest stablecoin globally. Its daily trading volume of $166.53 million underlines a growing role in digital assets. However, in the regulated dollar-pegged token space, RLUSD still lags behind PayPal USD ($2.75 billion market cap) and Global Dollar ($2.9 billion).
Asia-Pacific Expansion Accelerates; Japan Opts for Ethereum Initially
The supply shift comes as RLUSD integration talks heat up across Asia-Pacific. In Japan, the financial sector recently adopted RLUSD for certain transactions, initially choosing Ethereum due to its deeper integration with the country's existing banking infrastructure. Vet, a representative of the XRPL Foundation, explained that Ethereum's advanced technical infrastructure and strong ties to traditional finance gave it an early edge. He added that over the long term, RLUSD on XRP Ledger is also expected to gain greater prominence.
Ripple's Multi-Network Strategy: Ethereum as Bridge, XRP Ledger as Hub
These developments suggest Ripple aims to make its stablecoin available across a broad range of platforms. Ethereum serves as a vital liquidity bridge in foreign markets, while XRP Ledger remains the central hub for institutional capital. By leveraging both networks — Ethereum's global reach and XRP Ledger's enterprise focus — Ripple pursues a multi-network strategy to maximize RLUSD's presence in the stablecoin sector. As RLUSD solidifies its top-10 ranking, its performance across different chains will remain a focal point for investors and market observers.