Ethereum Now Holds More RLUSD Than the XRP Ledger

Ethereum now holds more Ripple USD, or RLUSD, than the XRP Ledger. DefiLlama’s RLUSD data shows the XRP Ledger holding $1.014 billion, while Ethereum holds the larger balance.

For an RLUSD holder, the important point is that the token can move and be redeemed without changing networks. RLUSD is natively issued on both blockchains, backed by cash and cash equivalents, and redeemable 1:1 for US dollars. The shift in balances does not make the Ethereum version or the XRP Ledger version a different claim on those reserves.

What Changed on Each Network

Ethereum’s absolute lead is substantial, but the XRP Ledger has grown faster in percentage terms over the past month.

That combination matters. A larger balance shows that more RLUSD is held on Ethereum, but percentage growth shows that the XRPL has not simply been abandoned. The data does not explain why customers moved or minted the tokens, and the brief does not establish which clients drove the change.

The available chain data shows only where new RLUSD is being held. It cannot identify the entity that issued the tokens, the client that requested them or the use that followed issuance. Those are separate questions.

Where RLUSD Can Be Used

RLUSD is issued on Ethereum and the XRP Ledger, with availability on other networks through Wormhole. The two principal chains remain the most direct places to examine its distribution.

The supply data does not, by itself, show which network has the most active RLUSD market. Holding balances are not the same as transaction volume, trading activity or payments demand. A large balance on Ethereum may reflect issuance into a particular venue or client, but the available evidence does not identify the holder or motive.

For XRP holders, there is another limitation. Companies can hold and transfer RLUSD without buying XRP, so RLUSD growth does not create one-for-one demand for XRP. XRP Ledger transactions still require XRP to pay fees, which may create some additional fee demand as activity rises, but the relationship is limited.

The Missing Evidence

The balance figures confirm that Ethereum now sits ahead, but they do not settle the economic question behind the change.

A useful follow-up would separate exchange and institutional balances from treasury wallets and payment activity. It would also require primary data on minting and redemption, rather than blockchain balances alone. Without that breakdown, Ethereum’s lead is evidence of where RLUSD is parked, not proof that its underlying use is stronger there than on the XRP Ledger.