Key takeaways
RLUSD on the XRP Ledger overtook Ethereum on June 26, 2026 and has held the lead for 16 straight days.
The XRP Ledger holds 863.2 million RLUSD to Ethereum’s 676.1 million — a 56.1% / 43.9% split of a $1.539 billion stablecoin.
Since mid-June the XRP Ledger is up 11.7% while Ethereum is down 22.8%. Over two months, the XRP Ledger has more than doubled (+128%).
XRP trades at $1.11, down 0.34% on the day, market cap $69.12 billion.
RLUSD is backed by cash, not XRP.
Ripple’s dollar stablecoin RLUSD has changed homes.
RLUSD supply on the XRP Ledger passed Ethereum for the first time on June 26.
As of July 11, the XRP Ledger holds roughly 863.2 million RLUSD against Ethereum’s 676.1 million, a 56.1% to 43.9% split of the stablecoin’s roughly $1.539 billion total supply, according to on-chain data from DefiLlama.
Since mid-June, XRP Ledger supply has climbed 11.7% while Ethereum’s has fallen 22.8%. Widen the window to two months and the XRP Ledger’s RLUSD balance has more than doubled, up about 128% from 378.8 million in mid-May.
XRP, meanwhile, trades at $1.11, down 0.34% over 24 hours, with a market capitalization near $69.12 billion and 62.47 billion tokens circulating out of a 100 billion maximum supply.
Related: XRP address count hits record high as new ETF debuts
When exactly did RLUSD flip Ethereum?
June 26, 2026. The daily on-chain series makes the crossover unambiguous, and it is the detail almost every other report has missed.
A week earlier, on June 18, Ethereum was still comfortably ahead, holding 875.3 million RLUSD to the XRP Ledger’s 772.6 million. By June 24 it had narrowed to 812.2 million against 784.9 million.
On June 25 the two chains were effectively level, 793.1 million on Ethereum and 792.5 million on the XRP Ledger, a dead heat inside a single percentage point.
The next day it broke. On June 26 the XRP Ledger held 804.3 million RLUSD against Ethereum’s 771.6 million, taking 51% of total supply and the lead for the first time in the stablecoin’s history.
By July 2 the split had stretched to 846.4 million against 734.3 million, or 53.5%. By July 8 it was 853.9 million to 728.1 million. And as of July 11 the XRP Ledger holds 863.2 million RLUSD to Ethereum’s 676.1 million, a 56.1% share and a lead of 187.1 million tokens.
Related: Ripple and SEC case faces a shocking turn
What is RLUSD?
RLUSD (Ripple USD) is a dollar-pegged stablecoin issued by Ripple, backed one-to-one by a segregated reserve of cash and cash equivalents and redeemable 1:1 for U.S. dollars. It launched natively on both the XRP Ledger and Ethereum, and its total supply is roughly $1.539 billion as of July 11.
Unlike a bridged or wrapped token, RLUSD is minted independently on each chain. That means the supply figures above represent genuine issuance decisions, not the same tokens counted twice.
RLUSD vs XRP: what’s the difference?
Their supplies work in opposite directions. RLUSD expands on demand, currently around $1.539 billion. XRP is capped at 100 billion tokens, with 62.47 billion circulating and the rest largely in escrow.
That final point is the whole story. Two assets, one company, and no mechanical link between the success of one and the price of the other.
Why isn’t XRP’s price going up?
Because almost nothing about RLUSD’s growth touches XRP’s demand.
There is exactly one channel through which XRP Ledger activity consumes XRP, and it is the transaction fee. Every XRPL transaction destroys a small amount of XRP, starting at a base cost of 10 drops, or 0.00001 XRP. That fee is burned, not paid to validators. At $1.11 per XRP, a single transaction burns roughly one one-thousandth of a cent.
Is RLUSD cannibalizing XRP?
XRP’s original institutional pitch was as a bridge asset. To move value between two currencies, an institution buys XRP on one side and sells it on the other, and that round trip creates genuine, repeated demand for the token.
A dollar stablecoin sitting natively on the same ledger can perform that bridging function without the XRP leg. Institutions that want to move dollars can now simply move dollars.
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What the XRP Ledger v3.2.0 upgrade actually changes
XRP Ledger v3.2.0 shipped on June 15 delivers infrastructure updates, bug fixes and developer tooling improvements, and implements XLS-0095, which renames the ledger’s core server software from rippled to xrpld. About 89% of validators on the default Unique Node List have upgraded, clearing the 80% threshold required for network amendments to activate, but only about 43% of the roughly 833 active nodes are running it, with 51% still on v3.1.3, according to CoinDesk.
What v3.2.0 does not do is change XRP’s monetary mechanics. There is no fee-burn increase, no staking, no revenue share. It makes the ledger cheaper and more stable to operate, which is an institutional selling point. Institutions are the customer for RLUSD. They are not, on this evidence, the customer for XRP.
XRP price prediction: what would actually move the token
If ledger usage is not the lever, it is worth being precise about what is. These are the mechanisms that move XRP, in rough order of directness:
Spot ETF flows. Net creations force authorized participants to buy XRP on the open market. This is the single most direct demand channel that exists.
Genuine bridge-asset volume in cross-border corridors, where XRP itself is bought and sold inside the transfer, rather than a stablecoin simply being moved from A to B.
Supply dynamics. Roughly 37.5 billion XRP remain outside circulation, a portion held in escrow with scheduled monthly releases. New supply entering the market works against price.
Treasury and exchange accumulation that removes float from the open market.
Frequently asked questions
Has RLUSD flipped Ethereum on the XRP Ledger?
Yes. RLUSD supply on the XRP Ledger overtook Ethereum on June 26, 2026, and has held the lead since. As of July 11, the XRP Ledger holds about 863.2 million RLUSD versus Ethereum’s 676.1 million, a 56.1% to 43.9% split, according to DefiLlama on-chain data. The gap is widening.
What is RLUSD?
RLUSD, or Ripple USD, is a dollar-pegged stablecoin issued by Ripple. It is backed one-to-one by a segregated reserve of cash and cash equivalents and is redeemable 1:1 for U.S. dollars. It is natively issued on both the XRP Ledger and Ethereum, with total supply of roughly $1.539 billion as of July 11, 2026.
What is the difference between RLUSD and XRP?
RLUSD is Ripple’s dollar-pegged stablecoin, backed one-to-one by cash and cash equivalents, and it always trades at about $1. XRP is a floating-price cryptocurrency with a 100 billion maximum supply that Ripple does not back with reserves. They are separate assets. Minting RLUSD does not require buying XRP.
Does RLUSD growth make XRP’s price go up?
No, not directly. RLUSD is backed by cash reserves, not by XRP, so issuing more of it creates no buying pressure on XRP. The only XRP consumed by RLUSD activity on the XRP Ledger is the transaction fee, which starts at 10 drops (0.00001 XRP) and is destroyed. At current prices that is a fraction of a cent per transaction, far too small to move a $69 billion market cap.
How much RLUSD is on the XRP Ledger?
About 863.2 million RLUSD as of July 11, 2026, out of roughly $1.539 billion in total supply, according to DefiLlama. Ethereum holds the remaining 676.1 million. XRP Ledger supply has more than doubled in two months, up about 128% since mid-May.
Why is XRP not going up?
Because the demand channels that would lift XRP, principally spot ETF inflows and genuine bridge-asset usage, have not materially expanded, while roughly 37.5 billion XRP remain outside circulation with scheduled escrow releases adding supply. Ledger activity, including stablecoin growth, burns only a negligible amount of XRP and does not function as a price mechanism.
Is RLUSD good for XRP holders?
It is good for Ripple, the company, and largely neutral for XRP, the token. RLUSD’s growth on the XRP Ledger shows institutions choosing the ledger over Ethereum, but it produces no meaningful XRP demand. It may even compete with XRP’s role as a cross-border bridge asset, since institutions can move dollars directly without an XRP leg.
What is XRP Ledger v3.2.0?
A server software release that shipped June 15, 2026, delivering infrastructure updates, bug fixes and developer improvements, and implementing XLS-0095, which renames the core server software from rippled to xrpld. Roughly 89% of validators have adopted it, above the 80% activation threshold, but only about 43% of the network’s ~833 active nodes are running it.
What is RLUSD’s market cap?
RLUSD’s total supply is roughly $1.539 billion as of July 11, 2026, split between 863.2 million on the XRP Ledger and 676.1 million on Ethereum, according to DefiLlama.
This story was originally published by TheStreet on Jul 11, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
