RLUSD Supply: XRPL vs Ethereum
Live on-chain data showing how RLUSD supply is distributed between the XRP Ledger and Ethereum. Updated every 30 minutes.
Last updated: 2026-10-19 06:52 UTC
RLUSD Supply Is Shifting to Ethereum
RLUSD launched on both the XRP Ledger and Ethereum in December 2024. Since then, the distribution has shifted dramatically. Ethereum now holds the vast majority of RLUSD supply, while the XRPL share has shrunk below $190 million.
The current ratio is roughly 42.1% on XRPL vs 57.9% on Ethereum. This is driven by institutional DeFi demand on Ethereum — particularly lending protocols like Aave and liquidity pools on Curve.
Why Is Most RLUSD on Ethereum?
DeFi composability
Ethereum has Aave, Curve, Compound, and hundreds of DeFi protocols. RLUSD can be used as collateral, lent out, or paired in liquidity pools. The largest single RLUSD holder is the Aave contract with over $300M.
Institutional custody
Large institutions use Ethereum-based custody solutions. Ripple itself holds a significant amount of RLUSD on Ethereum for treasury operations and exchange settlements.
L2 expansion
RLUSD is expanding to Ethereum L2s (Optimism, Base, Ink, Unichain) via Wormhole NTT, creating even more demand for the ERC-20 version.
The Holder Paradox: 84.0% of Holders Are on XRPL
While Ethereum dominates supply, the majority of individual RLUSD holders are on the XRP Ledger (67,589 vs 12,847 on Ethereum). This creates an unusual distribution:
| Metric | XRPL | Ethereum |
|---|---|---|
| Share of Supply | 42.1% | 57.9% |
| Supply Value | $1.02B | $1.40B |
| Holders | 67,589 | 12,847 |
| Average Balance | $15.1K | $109.2K |
| Transaction Fee | ~$0.00002 | $1-50+ |
| Settlement | 3-5 seconds | 12-60 seconds |
| Largest Holder | Ripple | Aave (~$330M) |
XRPL holders are mostly retail traders using RLUSD as a stable pair on the DEX. Ethereum holders are DeFi contracts and institutions holding large balances.
Who Is the Largest RLUSD Holder on XRPL?
Ripple is the largest holder of RLUSD on the XRP Ledger. This is because Ripple mints RLUSD on both chains and holds reserves for exchange settlements, liquidity provisioning, and cross-chain rebalancing.
On Ethereum, the largest holder is the Aave lending contract (~$330M), followed by Ripple's own deployer wallet (~$114M) and the Curve RLUSD/USDC pool (~$24M).
RLUSD Burns and Supply Fluctuations
RLUSD supply is not fixed — it changes daily as Ripple mints and burns tokens. In March 2026, nearly 180 million RLUSD was burned in a single day as part of quarterly settlements, and an additional $128M was redeemed at quarter-end.
These burns primarily happen on Ethereum, where institutional redemptions are larger. The XRPL supply tends to be more stable since individual holder balances are smaller.
What Does This Mean for XRPL Traders?
The supply imbalance does not mean RLUSD is less useful on the XRPL. For traders, the XRP Ledger remains the better chain for RLUSD because:
- Near-zero transaction fees (~$0.00002 vs $1-50+ on Ethereum)
- 3-5 second finality vs 12-60 seconds on Ethereum
- No priority-fee auction — ledger position cannot be bought, so sandwiching is a lottery rather than a purchase
- Native DEX order book + AMM liquidity available without smart contract risk
Ethereum holds more supply because that is where DeFi protocols lock large amounts. But for active trading, payments, and earning yield in AMM pools, the XRPL version is faster and cheaper.
RLUSD Contract Addresses
XRPL Issuer
rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5DeEthereum (ERC-20)
0x8292bb45bf1ee4d140127049757c2e0ff06317edTrade RLUSD on XRPL
Swap XRP for RLUSD on the native DEX, settled in seconds.