Ripple's RLUSD stablecoin reached an all-time high of $2.442 billion in total supply this week, according to data aggregators. The circulating supply stood at $2.42 billion on September 14, up from $1.72 billion a month earlier—a 41% increase in 30 days.
Despite the record milestone, the composition of RLUSD's growth reveals a significant shift in where the stablecoin is being deployed. In July, the XRP Ledger held 58.9% of RLUSD supply at $907.2 million, while Ethereum held $632.2 million. Today, those positions have reversed, with Ethereum now holding $1.37 billion and the XRP Ledger holding $1.05 billion.
Since July, Ethereum's RLUSD balance has more than doubled, increasing by approximately $737 million, while the XRP Ledger added about $146 million. Of the roughly $840 million in new supply minted, Ethereum captured the large majority.
Distribution and Regulatory Support
The stablecoin's expansion has been supported by several factors. RLUSD went live on South Korea's four largest exchanges by late July, with Upbit launching markets on July 27 and Bithumb on July 29. In the 30 days ending August 25, $11.81 billion moved across 1.39 million RLUSD transfers.
Ripple issues RLUSD under a New York Department of Financial Services limited-purpose trust charter held by Standard Custody & Trust Company, a Ripple subsidiary, with BNY serving as the primary reserve custodian.
Connection to XRP ETF Inflows
The supply growth coincides with significant capital flows into spot XRP exchange-traded funds. U.S. spot XRP ETFs recorded 11 consecutive sessions of inflows totaling $170 million through September 1, bringing cumulative inflows to $1.68 billion since their November launch. XRP's price has climbed to around $1.37, up from $1.06 at the end of July.
While the XRP Ledger's share of RLUSD has declined relative to Ethereum, its stablecoin base of approximately $1.14 billion ranks 11th across all networks. Ripple has also expanded RLUSD beyond its two primary chains, adding support through Optimism, Base, Ink, Unichain, and the XRPL EVM Sidechain via Wormhole as of June.
