[DigitalToday reporter Yoonseo Lee (이윤서)] Ripple’s stablecoin RLUSD has regained a supply lead on Ethereum, moving back ahead of the XRP Ledger (XRPL).

U.Today, a blockchain outlet, reported on Aug. 21 that RLUSD circulation on Ethereum stands at $989.34 million, topping $941.36 million on the XRP Ledger.

This is attributed to RLUSD issuance on Ethereum growing faster than on the XRP Ledger. Ripple runs RLUSD on both networks. During a liquidity adjustment process over the past 24 hours, Ethereum posted a larger increase in supply.

On Aug. 20, $73.80 million worth of RLUSD was issued and $23.50 million was burned on Ethereum, for a net increase of $50.30 million. On Aug. 21 so far, $53.20 million has been issued and $15.00 million burned, raising supply by $38.20 million. On the XRP Ledger, $36.10 million was issued and $15.40 million burned on Aug. 20, for a net gain of $20.70 million. On Aug. 21 so far, issuance of $12.50 million and burns of $6.50 million have been recorded, leaving a net increase of $6.00 million.

Individual on-chain transactions were also concentrated on Ethereum. A Ripple stablecoin tracking account said that, over the past few hours, 25 million RLUSD and 20 million RLUSD were issued on Ethereum, while 10 million RLUSD was burned. Over the past 24 hours, additional issuance transactions of 20 million, 14 million and 16 million RLUSD were confirmed. Over the same period, the issuance transaction confirmed on the XRP Ledger was for 10 million RLUSD.

Total supply is also rising quickly. RLUSD circulation stands at $1.939 billion, nearing $2 billion, and marking a record high since its launch in December 2024.

Since launch, RLUSD has supported both Ethereum and the XRP Ledger, expanding its distribution base. In June, RLUSD supply on the XRP Ledger surpassed Ethereum for the first time, but the supply lead has flipped back as recent issuance and burn flows concentrated on Ethereum.

Supply by network can change over short periods depending on liquidity demand and treasury issuance and burns. Whether Ethereum keeps its lead is expected to depend on future institutional and decentralised finance (DeFi) demand and whether usage expands on the XRP Ledger.