XRP Ledger Now Holds Over 20% of RLUSD Supply

• RLUSD supply nears 1.3B, with XRPL holding over 20% as Ethereum remains the primary issuance network.
• RLUSD ranks 55th by market cap, reflecting its growing footprint across Ethereum and the XRP Ledger.
• Regulatory approvals and L2 expansion position RLUSD for broader regulated multichain use. 

Ripple’s U.S. dollar–backed stablecoin RLUSD is showing a shortage of supply across its two primary blockchains, with recent minting figures highlighting the XRP Ledger’s growing share. Data cited by Bill Morgan shows that RLUSD minted on the XRP Ledger is now approaching 300 million tokens, while issuance on Ethereum has surpassed 1 billion tokens. As a result, the XRP Ledger now accounts for more than 20% of the total RLUSD supply in circulation.

This distribution places RLUSD among the larger fiat-referenced digital assets by size. According to CoinMarketCap, RLUSD is currently ranked as the 55th largest cryptocurrency by market capitalization.

The figures also highlight differing issuance patterns between networks. Ethereum remains the dominant chain by volume, hosting the majority of RLUSD supply, while the XRP Ledger has gained a major portion relative to its overall network.

Expansion Beyond Base Layers

Beyond its original deployments, Ripple has begun a test-phase expansion of RLUSD to several Ethereum layer-2 networks. These include Optimism, Base, Ink, and Unichain. The rollout is intended to extend RLUSD’s availability across lower-cost and higher-throughput environments within the Ethereum ecosystem.

Related: XRP Dominance Tests Multi-Year Cap As Ledger Burns Spike 60.87% 

The multichain transfer mechanism relies on Wormhole’s Native Token Transfers standard. This framework allows RLUSD to move between blockchains without using wrapped or synthetic representations, preserving native issuance while enabling cross-network liquidity during the pilot phase.

Regulatory Oversight and Approvals

RLUSD is issued under a New York trust structure and operates under supervision from the New York Department of Financial Services. Ripple has stated that broader deployment of RLUSD across additional networks remains subject to regulatory approval.

In parallel, RLUSD has received regulatory recognition outside the United States. Abu Dhabi’s Financial Services Regulatory Authority has greenlisted the stablecoin for use within the Abu Dhabi Global Market. The designation enables FSRA-licensed institutions to utilize RLUSD for regulated activities, including collateral, lending, and prime brokerage, provided all compliance conditions are met.

Related:Gemini Adds Ripple USD Support on XRP Ledger for Near-Instant Settlement and Low Fees