RLUSD stablecoin supply on Ethereum jumps 93%, surpassing XRP Ledger for the first time in 2026 - Pluang

In a notable shift for the RLUSD stablecoin, its circulating supply on the Ethereum network has surged by 93%, overtaking the amount held on the XRP Ledger for the first time in 2026. This means that, for now, Ethereum hosts the largest portion of the token’s supply, a change from its historical home-base distribution.

The development is significant because Ethereum remains the primary venue for decentralized finance (DeFi). A larger RLUSD presence on Ethereum suggests deeper integration into lending protocols, automated market makers, and other on-chain applications. For market observers, this indicates that stablecoin issuers are dynamically allocating liquidity to the networks where trading and borrowing activity is most concentrated. It also highlights how stablecoins function as a bridge between different blockchain ecosystems rather than remaining anchored to a single chain.

What to watch now is whether this supply shift is sustainable or a temporary rebalancing. Key signals include transaction volume on both networks, how RLUSD’s distribution compares to other major stablecoins, and whether its overall market footprint grows as a result. The long-term relevance lies in how these choices shape liquidity and settlement habits across crypto markets.