Most of the Ripple USD stablecoin is on Ethereum, Ripple’s biggest competitor $XRP General ledger.
$879 million of the approximately $1.63 billion of tokens in circulation are on Ethereum, compared to $760 million on the $XRP Ledger, a 53 to 47 split in favor of Ethereum.
Ripple is launching its dollar-pegged stablecoin as its flagship $XRP Ledger’s business readiness, but a completely different blockchain provided the bulk of the offering.
$RLUSD launched in December 2024 with an impressive-sounding license from the New York State Department of Financial Services.
Since Ripple couldn’t launch on the XRPL alone, Ripple issued tokens natively on two blockchains, pitching $XRP as the ‘home’ location, even though Ethereum has hosted the majority of the tokens.
Approximately in October 2025 88% of $RLUSD delivery lived on Ethereum, with only $91 million on XRPL.
Although Ethereum has ceded some of its dominance to XRPL over the past eight months, XRPL remains in second place.
At the end of 2025, Ethereum’s share was still 81%, about $1 billion, versus $235 million on XRPL. Today, after 18 months of work, XRPL has built itself up to a 47% share.
Ethereum has the users
On Ethereum, Ripple USD is useful for DeFi applications that dwarf similar DeFi on XRPL.
Ripple moves for example $RLUSD hitting the Aave V3 lending market in April 2025, where users can deposit it for returns or borrow for a fee backed by other Ethereum-based digital assets.
By the end of 2025, almost two-thirds of all $RLUSD was dumped in Aave. $RLUSD once ranked as the largest single asset in the protocol’s institutional Horizon market.
Curve and Morpho, other DeFi platforms, also store hundreds of millions more on Ethereum $RLUSD.
The transaction record also points to the success of Ripple USD on Ethereum.
$RLUSD Transfer volume reached a record $18.4 billion in the first quarter of 2026, most of which were non-XRPL transactions. Instead, Ethereum provided a larger, wealthier community of DeFi users with deeper liquidity pools.
$XRPthe token that fans of XRPL can buy has almost nothing of its value $RLUSD dominance is slowly passing from Ethereum.
Each $RLUSD transfer on the $XRP Ledger burns a fee of about one hundred thousandth of 1 $XRPan amount worth less than $0.0001.
Despite Ripple’s marketing of $RLUSD as an institutional settlement token with its home on XRPL, $XRP token holders enjoy a reduction in supply measured in fractions of fractions of a cent for those settlements.
Billionaires’ Ripple $RLUSD captures less than 0.04% of the stablecoin market
Ripple’s multi-chain success story for Ethereum
Of course, Ripple CEO Brad Garlinghouse has long argued that the financial industry will run on many blockchains. The company even enlisted the Wormhole cross-blockchain bridge to push $RLUSD on Ethereum Layer-2 networks such as Coinbase’s Base.
Reserves for the stablecoin are blockchain-agnostic and off-chain with the Bank of New York Mellon, which appointed Ripple as its primary custodian in July 2025.
As of the time of writing, $XRP is trading at $1.27, down 31% from its entry point in 2026 and 41% over the past year.
The clearest growth story in Ripple’s orbit is a stablecoin whose largest home is Ethereum, the network $XRP had hoped to displace.