Ripple’s USD‑pegged stablecoin RLUSD has seen the bulk of its circulating supply settle on the Ethereum blockchain, with $879 million of the $1.63 billion total value residing there, according to recent data.
Supply Allocation Across Blockchains
Ethereum currently hosts roughly 53 % of RLUSD tokens, while the XRP Ledger (XRPL) accounts for about 47 %. The split translates to $760 million on XRPL, leaving a clear advantage to Ethereum’s ecosystem. Since RLUSD’s debut in December 2024 under a New York State Department of Financial Services license, Ripple has issued the token on both platforms, designating XRPL as the “home” network despite the dominant Ethereum presence.
Evolution of Market Share
By October 2025, investors had moved approximately 88 % of RLUSD to Ethereum, leaving only $91 million on XRPL. The year‑end figures for 2025 show Ethereum’s share at 81 %—close to $1 billion—while XRPL retained $235 million. After eighteen months of strategic effort, XRPL’s proportion has risen to a near‑equal 47 %, indicating a gradual rebalancing of the stablecoin’s distribution.
DeFi Integration and Investor Activity
On Ethereum, RLUSD benefits from access to high‑volume decentralized finance (DeFi) protocols that dwarf comparable services on XRPL. In April 2025, Ripple placed RLUSD into Aave V3’s lending market, allowing users to earn yield or borrow against the stablecoin with collateralized loans. This integration underscores why many crypto investors favor the Ethereum blockchain for liquidity and utility, even as XRPL continues to improve its market position.