On-chain data shows that Ripple has recently transferred another portion of RLUSD from XRP Ledger ( XRPL ) to Ethereum. Although the individual transfer amounts are not large, the latest distribution indicates that the circulation of RLUSD on Ethereum is significantly higher than that of XRPL, with the gap between the two expanding to approximately 350 million US dollars.
Ethereum's share has risen to approximately 57%.
On September 6th, approximately 1.3636 million RLUSD tokens were first taken out of circulation on the XRPL side, and almost simultaneously, the same number were minted on the Ethereum side. According to the on-chain records, this seems more like a cross-chain supply rebalancing rather than a new issuance.
Real-time on-chain data indicates that currently, there is approximately $1.38 billion of RLUSD deployed on Ethereum and about $1.03 billion deployed on XRPL. Based on this, Ethereum accounts for about 57.3% of the total supply of RLUSD, with a lead of nearly $350 million.
After catching up in June, the gap widened again.
This change came quickly. At the end of June, XRPL briefly overtook Ethereum for the first time; at that time, XRPL had approximately $801 million in RLUSD, while Ethereum had about $795 million. By August 21st, Ethereum regained the lead, with values of approximately $989.34 million and $941.36 million respectively.
Nowadays, the gap between the two parties has further widened, indicating that the main circulation scenarios of RLUSD are continuing to tilt towards Ethereum.
DeFi Liquidity drives demand
The article mentions that this does not mean that Ripple abandons XRPL. Ripple has always adopted a multi-chain distribution method. Official information shows that in addition to being natively deployed on Ethereum and XRPL, RLUSD has also covered networks such as Base, Optimism, Unichain, and XRPL EVM Sidechain.
The advantage of Ethereum lies in its deeper DeFi liquidity. RLUSD It is also more convenient to engage in lending, decentralized transactions, and liquidity pools, among other scenarios. On-chain analysis suggests that protocols such as Aave and Curve may constitute an important source of demand on the Ethereum side.
XRPL still maintains its original level of vitality
Although the supply share has been overtaken by Ethereum, the activity of RLUSD on XRPL has not disappeared. Previous on-chain research showed that the share of RLUSD in XRPL trading volume has increased from less than 1% to about 12%.
The article also emphasizes that RLUSD, XRP, and XRPL are not the same concept. RLUSD is a stablecoin issued by Ripple, XRP is an independent digital asset, while XRPL is merely one of the issuance networks for RLUSD. The current changes are more closely related to the redistribution of liquidity across different chains, rather than RLUSD withdrawing from the XRP system.
