Ripple's Dollar Crossed US$2 Billion — Most of It Now Sits on Ethereum, Not the XRP Ledger
While the largest dollar tokens stood mostly still, Ripple's RLUSD grew by more than half over nine weeks and crossed US$2 billion in supply — the fastest-growing major stablecoin we measure. Along the way it flipped from majority-XRP-Ledger to a clear, sustained Ethereum majority, the chain the token is not named for.
- Ripple's RLUSD grew about 58.4% — from roughly US$1.59B to US$2.52B — crossing US$2 billion in onchain supply over the nine weeks from July 25 to September 28, 2026. see data →
- The growth flipped RLUSD's chain balance, but not instantly: Ethereum first edged past 50% on August 14, dipped back below it twice over the following week, then crossed into a durable majority on August 20 that has held every day since — 55.5% today versus 44.5% on the XRP Ledger, the chain the token is named for.
- This is a supply story, not a usage one: RLUSD's transfer volume fell about a quarter in July even as its balance grew, per external reporting. This report makes no holder-count or concentration claim pending a dedicated verification pass.
Revised October 2, 2026: figures corrected.
Among the largest dollar tokens, most moved little over the summer. Ripple's RLUSD ran the other way: its supply grew from about US$1.59 billion on July 25 to about US$2.52 billion on September 28 — up 58.4% — crossing US$2 billion along the way.
The growth did not follow the token's name. RLUSD is a creature of the XRP Ledger by identity, and through late July that is where the majority of its supply sat — 56.3% XRP Ledger versus 43.7% Ethereum on July 25. Ethereum first touched 50% on August 14, but the balance wobbled for another week — dipping back to 49.0% on August 17, then 49.6% on August 19 — before settling into a durable majority on August 20 that has held every day since. As of today, 55.5% of RLUSD's supply sits on Ethereum against 44.5% on the XRP Ledger, a majority that has held for about five and a half weeks.
Named for one chain, growing on another
Ripple's own drivers for RLUSD demand point at the XRP Ledger. In August, Ripple backed a credit fund that issues working-capital loans in RLUSD on the XRP Ledger, and in late July it launched Ripple Mint for institutional minting. Yet the growth landed elsewhere. Over the window, RLUSD on Ethereum rose from about US$695 million to about US$1.40 billion — roughly US$701 million of net new supply — while its supply on the XRP Ledger rose only about US$227 million. One driver in the same window points the other way: a US$280 million lending pool that lets XRP holders borrow RLUSD on Ethereum. Whatever the mix of causes, the money followed the deeper pool of onchain dollar liquidity, which is on Ethereum.
Fig 1 — RLUSD supply, Ethereum vs XRP Ledger · Jul 25 – Sep 28, 2026
Ethereum wobbles above 50% in mid-August, then holds from Aug 20
RLUSD supply on Ethereum (green) and the XRP Ledger (grey), in millions. The XRP Ledger led through late July. Ethereum first touched a narrow majority on August 14, dipped back below 50% twice over the following week, then crossed into a durable majority on August 20 that has held every day since. The split is now roughly 56% Ethereum, 44% XRP Ledger.
The flip took a week to settle, but it has held since. RLUSD sat XRP-Ledger-heavy through late July (56.3% XRPL / 43.7% ETH on Jul 25). Ethereum first edged past 50% on August 14, then dipped back below it twice more — to 49.0% on the 17th, 49.6% on the 19th — before crossing into a durable majority on August 20 that has not reverted since. What changed is not just where RLUSD grew but where it now lives: the majority chain flipped, wobbled, and then stayed flipped.
Supply, not usage
One caveat keeps the story honest: this is supply, not use. Even as RLUSD's balance grew, its transfer volume fell about a quarter in July, per external reporting. Dollars are being parked in RLUSD faster than they are being moved through it — accumulation ahead of activity. Whether the activity follows is the open question. If a compliant-tier dollar can gather more than half a billion dollars onto Ethereum in two months, the next thing worth watching is whether those balances start to circulate — or whether they sit, a reserve waiting for a rulebook.
RLUSD supply rose from about US$1.59B (Jul 25) to about US$2.52B (Sep 28), +58.4% net new, crossing US$2.0B in late August. Figures are summed across the two chains where we read RLUSD, Ethereum and the XRP Ledger.
Verified Sep 28, 2026 · onchainbenchmark.com/instruments/rlusdEthereum's RLUSD balance rose from about US$695M to about US$1.40B over the window (~US$701M net new); the XRP Ledger's rose from about US$895M to about US$1.12B (~US$227M net new). This tipped RLUSD from a 56.3% XRP-Ledger majority (Jul 25) toward an Ethereum majority: Ethereum first crossed 50% on Aug 14, dipped back below it on Aug 17 and Aug 19, then held a durable majority from Aug 20 onward — now 55.5% Ethereum (Sep 28). These are the two chains where we read RLUSD.
Verified Sep 28, 2026 · onchainbenchmark.com/methodologyAgainst the same 9 major dollar stablecoins the USDG report measures, over the common window both our stored histories cover (Jul 28–Sep 28), RLUSD's +58.7% is the fastest — the next-fastest is Ethena's USDe at +25.7%, then USD1 +7.7%. This is the ONSET-CORRECTED figure (summed only over the chains each peer already had on Jul 28), which matters most for USDC (+1.4% real vs +12.4% naive, from 5 new chains added to coverage) and especially USDG (−6.1% real vs a naive +197.1% that is entirely 3 new chains, not fund growth).
Verified Sep 28, 2026 · onchainbenchmark.com/methodologyRLUSD's transfer volume totals US$3.71B across 20,101 transfers on both chains combined for the days we have in July — but our tracking for this instrument only starts Jul 15, so this covers Jul 15–31 (16.5 of July's 31 days), not the full month, and we have no June data at all. This is NOT a like-for-like comparison to the external 'fell about a quarter vs June' claim below; it is a separate, partial figure, disclosed as such.
Verified Sep 28, 2026 · onchainbenchmark.com/instruments/rlusdThis measures supply accumulation, not usage: RLUSD's transfer volume fell about a quarter in July, per external reporting, even as its balance grew — a claim we cannot independently confirm (data for this instrument starts Jul 15, with no June coverage at all; see the partial-July figure above). This report makes no holder-count or concentration claim — that figure needs a separate, dedicated verification pass before it can be republished. Also disclosed: Aug 1, 2026 shows only Ethereum reporting that day (the XRP Ledger has no figure for that specific day, a same-day gap) — that day is excluded from every trend and range claim in this report.
Ripple RLUSD coverage · CoinDesk- How much did RLUSD grow, and did it really cross US$2 billion?
- RLUSD's supply grew about 58.4%, from roughly US$1.59 billion on July 25 to about US$2.52 billion on September 28, 2026, crossing the US$2 billion mark in late August.
- Why does this report say RLUSD grew on Ethereum, not the XRP Ledger?
- RLUSD's onchain balances show Ethereum's share rising from 43.7% on July 25 to 55.5% today, while the XRP Ledger's share fell from 56.3% to 44.5% over the same window. Ethereum first touched a narrow majority on August 14, dipped back below 50% twice over the following week, then settled into a durable majority on August 20 that has held every day since — a real shift, but one that took about a week to settle, not an instant crossover.
- Is RLUSD's growth about usage or accumulation?
- Accumulation. RLUSD's transfer volume fell about a quarter in July even as its onchain balance grew, per external reporting — dollars are being parked in RLUSD faster than they are being moved through it.