Ethereum Now Holds the Bulk of RLUSD Record Supply

Ripple’s RLUSD stablecoin has locked in its strongest supply position yet by pushing total circulation to a record high while directing the largest share of new dollars onto Ethereum.

Supply Growth Path

DeFiLlama data showed RLUSD circulation at 2.42 billion dollars on September 14, 2026, with reports confirming a weekly peak near 2.442 billion dollars. That marked a 41 percent rise from the 1.72 billion dollars recorded one month earlier. The growth reflects steady additions that pushed the stablecoin past prior marks without relying on external capital raises.

Chain Allocation Shift

Ethereum now accounts for roughly 1.37 billion dollars of RLUSD while the XRP Ledger holds about 1.05 billion dollars. The July split had favored XRPL at 907 million dollars or 58.9 percent against Ethereum at 632 million dollars. Since then roughly 840 million dollars in new supply has tilted heavily toward Ethereum, reversing the earlier distribution and underscoring where incremental capital is settling.

Capital Structure Contrast

CryptoPunks relied on a public mint that required buyers to cover gas and a launch structure tied to early collector participation. RLUSD built its supply through direct issuance backed by reserves with no presale or insider allocation phase. The self-funded model keeps the capital path tied to usage rather than upfront raises, producing a cleaner distribution across chains.

Price and Market Context

Spot majors on the same September 14 snapshot showed Bitcoin near 79,120 dollars up 2.46 percent and Ethereum near 2,543 dollars up 1.55 percent. RLUSD itself maintains its one-to-one peg while the supply chart records the real movement in where dollars are placed. The stablecoin’s circulation growth appears as steady green candles on the aggregate tracker without the volatility seen in NFT floor prices.

Community and Usage Signals

CryptoPunks built early mindshare through collector forums and secondary trading energy. RLUSD draws attention through its chain allocation data that KOLs and market participants track for liquidity clues. The emphasis remains on where the supply sits rather than any single event or founder appearance.

Takeaway

RLUSD supply reached its latest high with Ethereum taking the majority share, marking a clear capital allocation pattern that stands apart from collections that launched through public mints and external raises.