Ripple Moves Majority of RLUSD Supply to XRP Ledger
Ripple Moves $871 Million of RLUSD to XRP Ledger – Stablecoin Shift Marks Largest On-Chain Utility Since SEC Case Closed
Key Takeaways
- Ripple has moved $871 million of its stablecoin RLUSD to the XRP Ledger, representing 57% of total supply.
- RLUSD on Ethereum declined from over $1.25 billion on March 12 to $660 million by July 13, a 47% drop.
- Total RLUSD supply remained near $1.53 billion over the same period, indicating a chain migration rather than large scale redemptions.
- The SEC lawsuit against Ripple formally ended on August 7, 2025, with a $125 million penalty.
RLUSD Supply Shifts From Ethereum to the XRP Ledger
Ripple has transferred the majority of its stablecoin RLUSD supply onto the XRP Ledger, making XRPL the primary network for the asset. According to XRPScan data cited in the source material, Ripple’s issuer account on XRPL now holds $871 million in RLUSD, equivalent to 57% of the total supply.
The migration became visible in late June, when XRPL overtook Ethereum as the main network for RLUSD. Data referenced from Dune shows that RLUSD on Ethereum peaked at more than $1.25 billion on March 12. By July 13, the amount had fallen to $660 million. This represents a 47% decline over four months.
At the same time, CoinGecko data indicates that total RLUSD supply remained near $1.53 billion during that period. Because overall supply did not contract proportionally, the decline on Ethereum reflects a transfer of liquidity to another chain rather than a broad withdrawal of capital.
The shift accelerated in the week of May 22. During that week, total supply increased by $191 million while the Ethereum-based supply decreased. The gap between CoinGecko and Dune figures implies that roughly $250 million in newly issued RLUSD appeared outside Ethereum during that period.
Although RLUSD cooled by about 15% from its June 2 peak, equivalent to roughly $280 million in redemptions, that decline does not account for the full 47% reduction on Ethereum. The remaining difference corresponds to tokens migrating to XRPL.
Legal Resolution Followed Years of Disruption for XRP
The stablecoin migration comes after the conclusion of a multi-year legal dispute between Ripple and the US Securities and Exchange Commission.
On December 22, 2020, the SEC filed a lawsuit against Ripple, alleging $1.3 billion in unregistered XRP sales. Within weeks, MoneyGram, described in the source as a flagship remittance partner that had received more than $61 million in Ripple incentives, suspended its partnership with the company. Major US exchanges including Coinbase and Kraken halted XRP trading.
In July 2023, Judge Analisa Torres ruled that exchange sales of XRP were not securities. Both parties later dropped their appeals on August 7, 2025, formally closing the case with a $125 million penalty.
According to the source material, Ripple’s CEO stated that the company considered shutting down during the legal battle. After the case concluded, XRP regained exchange listings and legal clarity. However, no partner had placed institutional scale funds on the ledger comparable to the earlier MoneyGram arrangement.
The relocation of RLUSD to XRPL represents the first institutional sized flow onto the ledger since the lawsuit ended, with balances verifiable on chain.
How RLUSD Activity Connects to XRP Utility
The migration has mechanical implications for XRP usage on its native ledger.
First, every RLUSD transaction on XRPL requires a fee paid in XRP. The ledger burns that fee with each transfer. Increased RLUSD activity therefore generates transaction demand denominated in XRP.
Second, holding RLUSD on XRPL requires accounts and trustlines that lock XRP in reserves. Institutional users participating in RLUSD issuance, transfers, or liquidity provision must set aside XRP to meet these technical requirements.
Third, RLUSD trades against XRP on XRPL’s built in exchange. This creates a native dollar pair on the ledger at institutional scale, something not previously present at comparable size.
As RLUSD supply concentrates on XRPL, nearly $900 million in stablecoin liquidity now generates fees, settlement activity, and on chain movements secured by XRP’s network.
Regulatory Developments and Geographic Expansion
The stablecoin migration follows several regulatory and operational developments cited in the source material.
Ripple secured approval under the Markets in Crypto Assets framework this month and launched RLUSD in Japan in cooperation with SBI Group. The company is also embedding XRP and RLUSD into corporate treasury operations.
According to the source, licensed payment flows favor the ledger that Ripple controls end to end. The relocation of RLUSD supply to XRPL aligns with that structure, concentrating stablecoin settlement activity on Ripple’s native network.
Stablecoin Role Compared With XRP’s Original Function
XRP was originally designed to move money across borders by acting as a bridge between currencies. Banks and remittance firms used the token in payment flows prior to the SEC lawsuit.
The source notes that a stablecoin settling Ripple’s payments could potentially take over functions that XRP previously performed directly as a bridge asset. At present, the data shows that RLUSD is generating on chain activity on XRPL, while XRP continues to serve as the transaction fee and reserve asset within that system.
For users monitoring on chain utility, the measurable change is the relocation of stablecoin balances and transaction activity onto XRP’s ledger.
Our Assessment
The transfer of $871 million in RLUSD to the XRP Ledger represents the largest concentration of institutional scale funds on XRPL since the SEC lawsuit concluded in August 2025. Data shows that the majority of the stablecoin’s supply migrated from Ethereum while overall issuance remained broadly stable, confirming a chain shift rather than a broad capital exit. Because RLUSD transactions on XRPL require XRP for fees and reserves, the migration increases verifiable on chain activity linked directly to the XRP network.
