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

On Nov. 3, 2026, Ripple CEO Brad Garlinghouse said he wants RLUSD, Ripple's $2.6 billion stablecoin, to support use cases on the XRP Ledger, but DefiLlama showed about two-thirds of supply on Ethereum. Of roughly $2.57 billion in circulation, about $1.72 billion sat on Ethereum and about $850 million on the XRP Ledger. Over the past month, Ethereum supply grew by about a third while XRP Ledger supply lost nearly the same share, reversing late June when the XRP Ledger overtook Ethereum before Ethereum regained the lead in late August. Ethereum has a deeper decentralized finance market, including Aave; the XRP Ledger lacks native lending. Garlinghouse said RLUSD competes with stablecoins rather than XRP and called the assets complementary.