Ripple's RLUSD stablecoin passed $2 billion in circulating supply in the past week, and almost half of it now lives on the XRP Ledger. About $963M of RLUSD was circulating on XRPL as of August 25, with roughly $1.05B on Ethereum, CryptoSlate reports. That's less than two years after RLUSD launched in December 2024.
XRP market moves
XRP opened August 28 (00:00 UTC) at about $1.45, with a market cap near $91.2B (CoinGecko daily history). It's holding most of this month's rally: XRP was about $1.06 on August 1 and under $1 on August 17. CoinGecko shows about $3.6B traded in the 24 hours to today's snapshot, still more than three times the August norm.
The on-chain picture
Supply split. About $963M on XRPL and about $1.05B on Ethereum (CryptoSlate, as of Aug 25). Ripple also lists Base, Ink, Optimism, Unichain and the XRPL EVM sidechain as supported networks, but its documentation doesn't give a live supply breakdown for those, per crypto.news.
Growth. Evernorth, the largest public company holding XRP, said its analysis of ledger data showed RLUSD on XRPL up 39% since May 20 to about $934M. Over roughly the same period, total stablecoin supply across all platforms shrank about 6% from its May peak, about $20B. So RLUSD on XRPL grew while the overall market got smaller.
Turnover. Evernorth counted about $450M of RLUSD issued on XRPL over the prior 30 days and about the same amount redeemed. Ethereum saw about $403M issued and $177M redeemed. Monthly RLUSD transfer volume across the two networks was about $11.8B (CryptoSlate).
Context from earlier this month. CoinDesk reported tokenized real-world assets on XRPL at about $1.38B, with $845M of that in RLUSD. RLUSD is the biggest single asset issued on the ledger.
Question everything
A billion dollars of stablecoins on XRPL is a real usage win for the ledger. It is not a billion dollars of XRP demand. RLUSD can be issued, moved and redeemed without anyone buying XRP; XRP only covers small transaction fees and account reserves. And the high turnover (about as much redeemed as issued on XRPL over 30 days) means some of this activity is money cycling through, not new money parking. The honest read: XRPL is becoming a dollar settlement venue. Whether that helps the XRP price depends on things like bridge-asset use and DEX liquidity, which these numbers don't show.
What people are talking about
XRP accounts are celebrating the "half on XRPL" milestone, and some trackers are posting very different shares for XRPL, from around 46% to well over half, depending on what's counted and when. We're sticking with CryptoSlate's dated snapshot ($963M vs $1.05B). Critics point to the obvious tension: nearly every big institutional deal this year has used RLUSD, not XRP, for settlement.
On-chain data
- XRP price: about $1.45 at 00:00 UTC (CoinGecko)
- Market cap: about $91.2B (CoinGecko)
- 24h volume: about $3.6B (CoinGecko daily data)
- RLUSD on XRPL: about $963M (Aug 25, CryptoSlate)
- RLUSD on Ethereum: about $1.05B (Aug 25, CryptoSlate)
- RLUSD issued / redeemed on XRPL (30d): about $450M / $450M (Evernorth via CryptoSlate)
Flows and macro
ETF demand is still strong. US spot XRP ETFs took in +$22.6M on August 26 and +$23.4M on August 27, per XRP Insights, putting August at about +$129.0M through August 27. That's already about four times July's total on the same dataset.
What to watch next
- Whether XRPL passes Ethereum in RLUSD supply on a dated, sourced snapshot
- Net issuance on XRPL, not just gross mints
- XLS-65 / XLS-66 votes, which would let RLUSD be lent natively on XRPL (see the Clearpool/Cicada credit fund)
- ETF flows into month-end
The XRPTRACER take
RLUSD on XRPL is one of the clearest signs the ledger is getting real use. We'll keep tracking it as its own number and keep it separate from XRP price arguments. Follow it on the Dashboard and the Catalyst Tracker.
Sources: CryptoSlate: XRP is up 32% this month, but whales are moving billions · crypto.news: RLUSD crosses $2 billion as XRPL supply nears $1B · CoinDesk: XRP sinks below $1 as Korean bank adopts Ripple Payments · CoinGecko XRP history · XRP Insights ETF flows
Price is CoinGecko's daily snapshot at 00:00 UTC on August 28, 2026. RLUSD figures as of August 25. ETF flows through August 27.
Not investment advice. See our Disclaimer.
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