Ripple Cuts RLUSD Ethereum Supply to $692 Million as XRP Ledger Takes More of the Load
Ripple has cut RLUSD supply on Ethereum to $692 million. Not subtle. This does not read like routine wallet cleanup to me; it reads like a deliberate shove toward the XRP Ledger. The tell is in the sequence: burns on Ethereum, fresh supply on XRP Ledger. Then liquidity starts clustering around Ripple’s own chain. Why does this matter? Because anyone trading RLUSD pairs may soon find the useful market depth is no longer sitting where it used to sit.
Recent Ripple Stablecoin Tracker data puts Ripple USD ($RLUSD) supply on Ethereum at about $692 million after another round of burns. At the start of July, Ethereum had more than $727 million in $RLUSD. Over the last seven days, Ripple burned $115.4 million on Ethereum and minted $49.3 million there. On July 29, it burned $25.9 million on Ethereum and minted $6.2 million. The 30 day numbers are larger: $369.4 million burned on Ethereum versus $167.6 million minted. On the $XRP Ledger, Ripple minted $324.1 million over the same 30 days and burned $217.6 million. Total $RLUSD supply now stands at $1.556 billion.
That is a serious rebalance. My take: Ripple wants this shift noticed. More $RLUSD now sits on the XRP Ledger than on Ethereum, and the optics are almost too clean. The $RLUSD footprint on $XRP passed Ethereum for the first time in June. It was roughly $20 million at the end of 2024. By late June 2026, it was about $800 million. That is a fortyfold increase. Most guides would frame this as simple chain diversification. That is only half right. Most of the jump happened in May and June 2026, so this looks planned rather than accidental. Ripple is not just moving tokens around. It is trying to make $RLUSD feel native on $XRP, with enough liquidity that traders have a practical reason to stay there. The $RLUSD/$XRP pair has already handled about $900 million in volume over the last six months. Hard to ignore.
The timing also fits the regulatory story. This week, Ripple received authorization for its Crypto Asset Service Provider (CASP) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). That makes Ripple MiCA compliant and lets the company offer $XRP and $RLUSD based services to financial institutions, corporates, and businesses across all 30 countries in the European Economic Area. For banks and larger firms, that matters. They usually wait until the compliance box is checked. I’ll be honest: I would not call this a guaranteed wave of institutional money, because crypto has heard that line too many times. Still, it gives Ripple a cleaner pitch in Europe. Counter to the usual advice, the chain is not the only story here. A regulated RLUSD setup on XRP Ledger is easier to sell than a loose multi chain stablecoin plan.
What this means
Ripple is making the XRP Ledger the main place to watch for RLUSD activity. Ethereum still matters, yes, but the supply trend has shifted. Is this just a headline move? No, not if the burn and mint pattern keeps repeating. The fast growth of $RLUSD on XRP Ledger, plus Ripple’s MiCA status in Europe, gives the chain a better shot at attracting real trading volume from firms that need clearer regulatory footing. For investors, the useful question is simple: where is the liquidity going, and does that make $XRP more useful?
Next, watch the burn and mint numbers on both chains. We tried tracking announcements alone before; it missed the move. If Ethereum keeps shrinking while XRP Ledger keeps gaining, the direction will be hard to miss. Watch $RLUSD trading pairs on XRP Ledger too, especially $RLUSD/$XRP. Volume matters more than announcements. Yes, that sounds blunt, but it is the cleanest test. The real read comes over the next few months, when European financial firms decide whether Ripple’s MiCA compliance is enough reason to use $RLUSD in size.