Ripple Rebalances $1.36 Million in RLUSD From XRP Ledger to Ethereum

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Ripple moved approximately $1.36 million in RLUSD from the XRP Ledger to Ethereum on September 6 through coordinated burn and mint transactions. On-chain data shows 1,363,614.85 RLUSD was removed from XRPL circulation and an identical amount was minted on Ethereum seconds later, then transferred to an external wallet. The operation kept total supply unchanged, indicating a cross-chain liquidity rebalancing rather than new issuance. The shift comes as Ethereum’s share of RLUSD supply has grown to 57.3%, with roughly $1.38 billion on Ethereum versus $1.03 billion on XRPL. Ethereum’s deeper DeFi ecosystem, including protocols like Aave and Curve, is driving demand. Ripple continues to support RLUSD across multiple <a href="https://xpertsstudio.com/pyth-network-confirms-expansion-of-trading-hours/” title=”Pyth Network Confirms Expansion of Trading Hours”>networks including XRPL, Base, Optimism, Unichain, and the XRPL EVM Sidechain.

Key Elements

Ripple executed a cross-chain supply shift on September 6, burning 1,363,614.85 RLUSD on the XRP Ledger and minting an identical amount on Ethereum seconds later, according to on-chain data. The paired transactions effectively relocated roughly $1.36 million in stablecoin liquidity from one blockchain to another without changing the overall circulating supply.

The sequence of events points to a deliberate rebalancing operation rather than new token issuance. On-chain records show the XRPL transaction sent the tokens to an issuer-controlled address where they could no longer circulate, permanently removing them from the network’s available supply. Almost immediately afterward, Ethereum recorded a mint for exactly the same quantity of RLUSD, which was then transferred to an external wallet.

This burn-and-mint structure allows an issuer to adjust where stablecoin liquidity sits across multiple blockchains without relying on a conventional token bridge that holds locked assets. By removing supply on one network and recreating it on another, Ripple kept the combined total unchanged while shifting where users and platforms can access the stablecoin.

Ethereum’s Lead Keeps Widening

The $1.36 million transfer is only the latest move in a broader migration of RLUSD liquidity toward Ethereum. Live chain data now shows approximately $1.38 billion of RLUSD on Ethereum and $1.03 billion on the XRP Ledger. That gives Ethereum roughly 57.3% of total supply and a lead near $350 million.

The current gap is roughly seven times larger than it was in late August, when Ethereum held $989.34 million against $941.36 million on XRPL. The reversal has been remarkably fast. In late June, XRPL overtook Ethereum for the first time, hosting about $801 million of RLUSD versus Ethereum’s $795 million. That flip looked significant at the time because RLUSD usage on the XRP Ledger had expanded rapidly. Within weeks, however, Ethereum reclaimed the top spot and has been pulling away since.

Why Ethereum Is Attracting More RLUSD

The shift does not necessarily signal that Ripple is abandoning the XRP Ledger. The company explicitly issues RLUSD across multiple blockchains, and its official documentation now lists native availability beyond Ethereum and XRPL, including networks such as Base, Optimism, Unichain, and the XRPL EVM Sidechain. Ripple’s dual-chain strategy has always positioned Ethereum as an additional liquidity venue rather than a replacement for XRPL.

Ethereum’s deeper decentralized finance ecosystem is a major draw. RLUSD can interact with lending markets, decentralized exchanges, and liquidity pools across Ethereum’s mature financial infrastructure. Live-chain analytics point specifically to protocols such as Aave and Curve asecoin balances for settlement, trading, lending, collateral, and payment operations

The XRP Ledger still retains meaningful native RLUSD activity. Earlier on-chain research found the stablecoin had grown from less than 1% of XRPL trading volume to roughly 12%. The network also provides fast settlement and relatively low costs for payments and institutional activity, which keeps it relevant for certain use cases.

RLUSD itself is significantly larger than it was during June’s chain competition. Ripple’s latest transparency figures show $2.396 billion circulating as of September 3, against $2.518 billion in reserve assets. The stablecoin had only recently passed the $2 billion milestone.

The distinction matters: RLUSD is Ripple’s stablecoin, XRP is a separate digital asset, and XRPL is one of the networks on which RLUSD is issued. The September 6 transactions were about repositioning existing liquidity, not creating new supply or abandoning any particular chain.

Broader Context for Ripple

The RLUSD rebalancing comes amid a period of elevated activity across Ripple’s ecosystem. The company conducted its scheduled monthly release of 1 billion XRP tokens on September 1, valued around $1.38 billion at the time. The unlock was distributed across three transactions of 500 million, 400 million, and 100 million XRP. As with previous months, a significant portion was expected to return to escrow, with only a fraction actually entering circulation. As of September 2026, 31.28 billion XRP tokens remain secured in escrow.

XRP traded at $1.38 during the latest unlock and reached $1.42 within five days. August marked the token’s strongest performance for that month since 2021, with a 28.5% climb from near $1.10 to a brief touch of $1.70 before settling around $1.42. Institutional flows led the move, with spot XRP exchange-traded funds drawing $153.55 million in August alone. Total inflows into XRP spot ETFs have reached $1.68 billion since their March 2026 launch.

Network activity on the XRP Ledger also surged. Active addresses more than doubled from 1.02 million in July to 2.26 million in August, while the rolling seven-day average for daily active addresses hit an all-time peak of 1.34 million. Late August brought a 521% jump in weekly payment volume, pushing daily transaction volumes to roughly 488.4 million XRP, even as the number of transactions fell 10.5% — a sign that large institutional transfers dominated the activity. Total value locked within the XRPL ecosystem climbed from $32.31 million in July to $44.42 million at the end of August.

For RLUSD users, the September 6 transactions mainly changed which blockchain holds the tokens. On-chain records showed a reduction on XRPL and a matching increase on Ethereum, leaving the transferred amount balanced overall across the two networks. The identity and intended purpose of the external wallet that received the Ethereum-minted RLUSD remain undisclosed.

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Source: finance.biggo.com