XRP Ledger Finally Overtakes Ethereum In Ripple RLUSD Stablecoin Supply

Ripple’s RLUSD stablecoin now has a larger circulating supply on the XRP Ledger compared to Ethereum. The XRPL’s lead comes as Ripple looks to expand in Japan with its RLUSD launch.

XRP Ledger Boasts The Largest Supply of Ripple’s RLUSD

Based on the Ripple USD Tracker, around $801.79 million worth of RLUSD coins is active on the XRP Ledger. This figure is higher than the $795.59 million RLUSD on Ethereum. It is the first time that the XRP Ledger is in the lead for RLUSD supply among the two supported blockchains.

The surge in XRP Ledger’s RLUSD supply comes on the heels of Ripple revealing on June 25 that the RLUSD is now available in Japan via its partnership with SBI Holdings and crypto exchange SBI VC Trade. The launch will expand its partnership with SBI Group and facilitate cross-border payments, tokenization and collateral management, Ripple said.

Meanwhile, the information listed on the service overview page of SBI VC Trade suggests that the exchange’s currently supported networks include Ethereum. Moreover, it will add support for the XRP Ledger in the near future.

The update has garnered interest partly because plans are reportedly underway to integrate it natively with XRPL despite the fact that Ethereum infrastructure is still working almost perfectly today.

Ripple Senior Vice President of Stablecoins Jack McDonald also commented on the Japan launch. He said, “This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers and businesses in Japan.”

Meanwhile, Ripple added that RLUSD has received approval from Japan’s Financial Services Agency. Hence it will now function as a new category of electronic payment instrument under the country’s Payment Services Act.

Is Ethereum Losing Its Use Case For RLUSD?

Today, XRP Ledger dUNL validator Vet wrote, “XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.”

Vet argued that RLUSD is helping expand XRPL adoption among major financial platforms. “RLUSD has been a very strong door opener for the XRP Ledger,” he said. The validator then added that institutions seeking access to the stablecoin could frequently integrate XRPL infrastructure as well. According to Vet, this also makes it easier for other assets issued on the XRP Ledger to gain support.

XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.

People get upset when they see the Ethereum integration and not XRP Ledger right from the get go. Let me explain what they are missing while we travel east 🇯🇵 :

1) RLUSD has been a… https://t.co/oJ31Z0i88f pic.twitter.com/21xfVdAccb

— Vet (@Vet_X0) June 25, 2026

Nonetheless, he also addressed questions over Ethereum’s initial role. Vet said, “Ethereum and especially ERC-20 tokens are very well integrated historically, even during the past SEC administration.”

He added that when new services launch on Ethereum first, “most likely the XRP Ledger integration is in the works.” Further, the validator explained that “things just take time and large organizations move very slow.” Meanwhile, SBI Group has also launched its JPYSC yen stablecoin on Ethereum.