Ripple’s RLUSD stablecoin has climbed to a new supply high of about $2.442 billion, according to Defillama data cited in the source report. The token’s circulating supply was about $2.42 billion on Sept. 14, compared with roughly $2.41 billion a week earlier and $1.72 billion a month ago, marking a 41% increase over 30 days for a stablecoin intended to remain at $1.

The latest expansion has been concentrated on Ethereum rather than the XRP Ledger. While RLUSD launched with the XRP Ledger as one of its home networks, most of the dollars added since July are now sitting on Ethereum, shifting the chain balance of the token’s supply.

Ethereum now holds the larger share

In July, the XRP Ledger accounted for $907.2 million of RLUSD, or 58.9% of total supply, while Ethereum held $632.2 million. The current split has reversed that earlier balance: Ethereum now holds about $1.37 billion of RLUSD, while the XRP Ledger holds about $1.05 billion.

That means Ethereum’s RLUSD balance has increased by about $737 million since July, more than doubling over the period. The XRP Ledger added roughly $146 million in the same timeframe. Out of around $840 million in newly added supply, Ethereum absorbed the large majority.

What the chain data shows, and what it does not

The figures indicate where RLUSD is being held, not who created or received the new tokens. The source report notes that the available data does not identify the minters behind the recent supply increase, only the blockchains where the fresh supply is parked.

Ripple has also expanded RLUSD beyond Ethereum and the XRP Ledger. In June, the company extended the stablecoin to Optimism, Base, Ink, Unichain, and the XRPL EVM Sidechain through Wormhole, broadening the set of venues where the token can circulate.

Possible drivers behind the increase

The source article points to distribution as one likely factor. By late July, RLUSD had gone live on South Korea’s four largest exchanges, with Upbit opening access on July 27 and Bithumb following on July 29. In the 30 days through Aug. 25, the report says $11.81 billion moved across 1.39 million transfers.

It also highlights the token’s regulatory setup. RLUSD is issued under a New York Department of Financial Services limited-purpose trust charter through Ripple’s Standard Custody & Trust Company, with BNY serving as the primary reserve custodian.

Another factor mentioned in the report is fund activity tied to XRP. Spot XRP ETFs recorded 11 consecutive inflow sessions totaling $170 million through Sept. 1, bringing cumulative inflows since launch to $1.68 billion. In one trading session last week, XRP funds added $5.14 million while bitcoin ETFs posted $283 million in outflows.

Market backdrop and what comes next

Alongside the RLUSD supply increase, XRP was trading around $1.37 in the source report, up from $1.06 at the end of July. Bitcoin was cited at about $77,600.

The next confirmed step for observers is continued tracking of where new RLUSD supply appears. For now, the data shows a clear recent pattern: total issuance has reached a new high, and Ethereum, not the XRP Ledger, has captured most of that expansion since July.

Source: news.bitcoin.com