Ripple’s $2.6 Billion Stablecoin is Growing on Ethereum, Not XRP

Dextape brief

By Dextape Desk · November 4, 2026

Ripple chief executive Brad Garlinghouse has said he wants RLUSD, its $2.6 billion stablecoin, to operate on the XRP Ledger. Data from DefiLlama shows that about two-thirds of the token supply sits on Ethereum. In posts on X, Garlinghouse responded to a user by stating that RLUSD is up against other stablecoins rather than XRP, and he described the two assets as very complementary. Earlier, at Swell 2026, he denied reports Ripple planned to drop XRP. On-chain figures put circulation near $2.57 billion, with roughly $1.72 billion on Ethereum and about $850 million on the XRP Ledger. Over the past month, Ethereum-based supply expanded by close to a third, while the ledger's share fell by a similar amount.

Why it matters: It shows that a large stablecoin's circulation can concentrate on a chain other than the one its issuer wants, which is relevant for anyone following stablecoin flows.

Mentioned: Ethereum, XRP

Summary by Dextape, based on reporting by BeInCrypto. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.