RLUSD Overtakes Ethereum on XRP Ledger, Raises Hopes for XRP Utility

Ripple USD (RLUSD) has reached a significant milestone as it overtook Ethereum on the XRP Ledger, becoming the largest native network for the stablecoin. According to on-chain figures, approximately $801.8 million in RLUSD is held on XRPL, surpassing the $795.6 million held on Ethereum.

This shift gives Ripple's blockchain a narrow lead in the $1.6 billion RLUSD market, but questions remain about what caused the change and whether it will create stronger demand for XRP. The available data shows that Ethereum token burns played a major role, with three-quarters of the RLUSD removed over the past month coming from Ethereum.

Despite this, supply on Ripple's ledger remained relatively stable, while Ethereum's balance fell. This has led some to suggest that the 'flippening' was partly due to treasury operations rather than a clear migration of users or trading activity.