RLUSD now has more dollars on XRP Ledger than Ethereum. That's not real demand yet.
The crossover looks like an XRP Ledger win, but the mechanics point to Ethereum redemptions doing the work.
CryptoVibe Desk · stablecoins · ripple · xrp-ledger
- →RLUSD supply on XRP Ledger hit $801.8M as of June 25, edging Ethereum's $795.6M, per U.Today.
- →The lead came mainly from client redemptions burning RLUSD on Ethereum, not a clear surge in XRP Ledger demand.
- →Watch whether new XRPL mints grow through Q3, because supply wins from exits can disappear fast.
- stablecoin → A crypto token designed to stay close to one dollar or another real-world currency.
- redemption → A user gives the token back to the issuer and receives regular dollars or another asset.
- circulating supply → The amount of a token currently issued and available on a chain or in the market.
$801.8 million is the headline number. U.Today reports that RLUSD supply on XRP Ledger reached $801,796,535 as of June 25. Ethereum sat just behind at $795,598,530. That puts Ripple's native chain ahead for RLUSD supply for the first time.
The win is real on the scoreboard. It isn't real demand yet. Large client redemptions burned RLUSD on Ethereum. That mechanically pushed XRP Ledger into first place while XRPL-side demand stayed stable.
If you're reading this as an XRP victory lap, slow down. A supply lead can come from fresh mints, or it can come from supply disappearing somewhere else. This one looks like the second case. That's the catch.
CoinMarketCap showed RLUSD at a $1.598 billion market cap as of June 25, with $166.53 million in 24-hour volume. It ranked eighth among stablecoins. Those are serious numbers for a new regulated dollar token. They are not Tether or USDC numbers.
The comparison set matters. RLUSD still trails PayPal USD at $2.75 billion and Global Dollar at $2.9 billion, per U.Today. That puts Ripple in the new regulated stablecoin race. It doesn't prove XRP Ledger is where institutions actually move money.
Japan complicates the easy story. Japan's financial sector recently launched RLUSD operations on Ethereum, not XRP Ledger. The banks there said Ethereum fits their systems better. That's the part Ripple bulls should care about, not just today's chain split.
This has an old money-market fund feel. In the 1970s, balances moved because rates and access changed, not because every bank suddenly got worse. Here, chain balances can move because institutions redeem, mint, or park dollars where operations are easiest.
Ripple has a good stablecoin product, for now. But XRPL's new lead came from the wrong kind of evidence. The supply number is officially real. The demand case still has to prove itself.
Ripple has to separate redemption burns from fresh XRPL mints in its next RLUSD disclosure, because calling this demand makes the numbers look better than they are.
By the end of Q3, watch whether XRPL adds at least $100 million of net new RLUSD supply while Ethereum supply stays flat or grows.
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