Ripple CEO Brad Garlinghouse has addressed the long-running debate over whether RLUSD could erode XRP’s utility, describing the two assets as complementary with distinct use cases. In a post on X, he said RLUSD is suited for stablecoin transactions, while XRP remains useful for providing liquidity and enabling cross-border transactions. Both assets ultimately aim to expand Ripple’s payment network and drive more activity on the XRP Ledger, according to his comments.
RLUSD supply shifts toward Ethereum
On-chain data presents a mixed picture. According to DeFiLlama, RLUSD’s total supply has exceeded $2.5 billion for the first time. However, the distribution across networks has changed notably. RLUSD supply on the XRP Ledger has dropped more than 30% to $850 million in the last 30 days, while supply on the Ethereum network has increased by more than 34% to $1.7 billion during the same period. This means nearly 70% of RLUSD’s total supply now sits on Ethereum, with only a fraction remaining on the XRP Ledger.
From an adoption standpoint, the trend adds another layer to the XRP-RLUSD debate. While RLUSD is gaining traction as a stablecoin, XRP wallets continue to attract large holders, suggesting that demand for both assets may be growing through different use cases rather than competing with each other.
XRP millionaire wallets hit 2026 high
The data points to a clear shift in activity across the XRP Ledger ecosystem. As RLUSD supply within the XRPL network falls, on-chain utility could be affected, since less RLUSD liquidity would be available for transaction purposes. However, XRP wallet data shows a different trend, with large holders continuing to add to their positions.
Wallets holding 1 million or more XRP have hit an all-time high for 2026. There are currently 2,147 such wallets, up by 28 in just 10 days. In the last three days alone, 18 new wallets were added to the 1 million+ XRP holder category, according to Santiment data.
In essence, the on-chain data adds a new dimension to Garlinghouse’s argument. While RLUSD liquidity on the XRP Ledger is decreasing, large holders appear to be increasing their XRP exposure, suggesting that investor interest is gradually shifting toward XRP. This divergence highlights an important change within the ecosystem. Although RLUSD continues to expand on Ethereum, XRP is seeing stronger accumulation among large wallets, potentially strengthening its position as a key asset within the XRP Ledger.
Key takeaways
- RLUSD supply on the XRP Ledger fell more than 30% to $850 million in 30 days, while its Ethereum supply grew more than 34% to $1.7 billion.
- XRP wallets holding 1 million or more tokens reached a 2026 high of 2,147, showing growing interest from large holders.
