Ripple's stablecoin RLUSD has become the largest supply network on the XRP Ledger (XRPL), overtaking Ethereum.

The Crypto Basic, a blockchain media outlet, reported on June 25 that RLUSD supply on XRPL was about $801.8 million, surpassing Ethereum's about $793.1 million.

The shift marks a change from RLUSD's launch in December 2024, when most supply was concentrated on Ethereum. RLUSD Tracker, a community platform run by an XRPL validator, showed that as recently as June 25 RLUSD supply on the two networks was nearly the same at about $792.0 million and $793.0 million, respectively.

The reversal reflects a combination of increased issuance on XRPL and expanded redemptions on Ethereum. Over the past 24 hours, about 9.27 million RLUSD was newly issued on XRPL, while issuance on Ethereum was relatively small and redemptions continued.

Network activity on June 24 confirmed the same trend. About 29.08 million RLUSD was burned on Ethereum, reducing circulating supply. More than 8.05 million RLUSD was issued on XRPL, while burns were limited to about 430,000 RLUSD. As a result, demand for RLUSD held relatively steady on XRPL, while Ethereum's share of total supply fell amid larger redemptions.

Total RLUSD in circulation across the two networks is about $1.596 billion. Over the past 30 days, about 442.6 million RLUSD was issued and about 590.1 million RLUSD was burned. Issuance and redemptions were both active overall, but the direction of flows differed by chain.

The change in supply share also spurred discussion in the XRP community. Crypto commentator Jack Lector (잭 렉터) assessed the trend as a positive signal for XRPL, but community figure Kevin Walsh (케빈 월시) said it was necessary to be cautious about interpreting it as expanding liquidity.

The shift in RLUSD's supply centre also coincides with Ripple's expansion in Japan. Ripple said it recently officially launched RLUSD in Japan after approval by Japan's financial regulator. RLUSD is set to be offered to both institutional and retail users on the VCTRADE platform through cooperation with SBI Group and SBI VC Trade.

The change showed RLUSD's distribution centre could move from Ethereum to XRPL. Coupled with the Japan launch, Ripple showed a push to expand a regulated stablecoin across its own network and overseas markets.