Yahoo Finance
The XRP Ledger now holds more RLUSD than Ethereum for the first time, at about $801 million versus $795 million, after 18 months where most of the supply sat on ETH.
The flip is largely engineered rather than driven by outside demand.
Of the RLUSD Ripple burned over the past month, about three-quarters came off Ethereum, and draining that side is what tipped the balance toward Ripple's own chain.
On the XRP Ledger, XRP is the bridge the network routes trades through, so RLUSD growing there can feed XRP demand the way it never could on Ethereum.
But that only pays off if sustained external volume shows up, which it hasn't yet.
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When Ripple launched its own dollar stablecoin in late 2024, the whole point was to give the XRP Ledger a regulated dollar to run on.
Then it spent the next year and a half watching most of that stablecoin live somewhere else entirely—on Ethereum, the rival chain Ripple has spent a decade trying to beat.
For the first time, more RLUSD now lives on the XRP Ledger than on Ethereum, and it happened while the XRP (CRYPTO:XRP) price keeps sliding back toward $1.
So, does the flip finally do something for XRP, or is it one more milestone the token doesn't feel? The XRP Ledger now holds about $801 million of RLUSD against roughly $795 million on Ethereum, marking the first time Ripple's own chain has been the bigger home for its stablecoin.
For a year and a half Ethereum held the bigger share, and critics had an easy line because of it.
They argued that a company selling the XRP Ledger as enterprise-ready couldn't even keep its own stablecoin at home.
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