Ripple Cuts RLUSD Ethereum Supply to $692M in Stablecoin Rebalancing
In brief
- RLUSD supply on Ethereum dropped to $692 million from $727 million at July start
- Last seven days: $115.4M burned versus $49.3M minted on Ethereum
- XRP Ledger now hosts more RLUSD than Ethereum, with supply growing 40-fold to $800M
- Ripple secured MiCA compliance and CASP license from Luxembourg for 30 EEA countries
Ethereum Supply Contracts as Redemptions Accelerate
RLUSD supply on the Ethereum network has shrunk to about $692 million as Ripple manages the stablecoin's circulating supply through token burns. The contraction is sharp: at the start of July, RLUSD supply on Ethereum was above $727 million, meaning roughly $35 million has been removed in just weeks.
The pace of redemptions intensified in the trailing seven days. $115.4 million in RLUSD was burned on the Ethereum blockchain while only $49.3 million was minted in the same timeframe. On July 29 alone, the disparity widened further: $25.9 million was burned while $6.2 million in RLUSD was minted.
Over the last 30 days, the trend becomes clearer. A total of $369.4 million in RLUSD was burned on the Ethereum blockchain while $167.6 million was minted, indicating sustained net redemption pressure. This isn't a sign of distress—it's a deliberate reallocation.
XRP Ledger Emerges as Primary Hub
The total circulating supply of the RLUSD stablecoin is currently $1.556 billion across all networks. The shift in where that supply lives is dramatic. XRP Ledger now hosts more RLUSD than the Ethereum network, a reversal that occurred for the first time in June.
The growth on XRP Ledger has been extraordinary. RLUSD in circulation on the XRP Ledger grew from roughly $20 million at the end of 2024 to about $800 million by late June 2026, a 40-fold expansion. RLUSD's share of all on-chain trading on XRP Ledger climbed from under 1% to about 12% in 2026. The RLUSD/XRP pair alone has cleared roughly $900 million over the last six months.
Regulatory Momentum Backs the Shift
Ripple's stablecoin strategy now sits on firmer regulatory ground. Ripple received authorization of its Crypto Asset Service Provider (CASP) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). The authorization confirms Ripple as fully MiCA-compliant, with its solutions underpinned by XRP and RLUSD made available to financial institutions, corporates and businesses across all 30 countries of the European Economic Area.
The regulatory green light removes friction for institutional adoption of RLUSD in Europe. It also signals that Ripple's choice to concentrate RLUSD growth on XRP Ledger—a network it controls more directly—aligns with compliance frameworks. The Ethereum drawdown isn't a retreat; it's a strategic repositioning.
