TLDR
- RLUSD stablecoin on Ethereum exceeds $1 billion in circulating supply
- Regulatory approval in Abu Dhabi boosts RLUSD institutional use
- Ethereum now hosts over $1.02B worth of Ripple’s RLUSD stablecoin
- RLUSD is backed by cash and U.S. treasuries, regulated under New York charter
Ripple’s RLUSD stablecoin has crossed the $1 billion supply mark on Ethereum, signaling a major shift in stablecoin adoption. This growth comes after new regulatory approval from Abu Dhabi’s FSRA, allowing broader institutional use. As Ethereum becomes the leading network for RLUSD circulation, the stablecoin is gaining traction among compliant financial firms, DeFi platforms, and cross-chain users seeking regulated, fiat-backed digital assets with multi-network liquidity and legal clarity.
RLUSD Surpasses $1 Billion Supply on Ethereum
Ripple’s RLUSD stablecoin has reached over $1 billion in circulating supply on Ethereum, according to updated metrics from DefiLlama. This milestone marks a key growth phase for the USD-backed asset and confirms its expanding role within regulated stablecoin markets.
The majority of RLUSD’s market capitalization now resides on Ethereum. Of the total $1.261 billion in circulating RLUSD supply, Ethereum accounts for roughly $1.02 billion. The remaining supply is on XRP Ledger (XRPL), which originally hosted the stablecoin.
This increase in Ethereum-based issuance suggests growing interest from decentralized finance (DeFi) participants and institutions that prefer Ethereum’s larger liquidity base.
Regulatory Approval Drives Institutional Demand
The rise in RLUSD’s Ethereum supply follows new regulatory approval in the United Arab Emirates. On November 28, the Abu Dhabi Global Market’s Financial Services Regulatory Authority officially recognized RLUSD as an “Accepted Fiat-Referenced Token.”
This approval enables licensed financial institutions in the ADGM to use RLUSD for payments, settlements, and collateral. Ripple noted that RLUSD is fully backed by cash and U.S. Treasury securities. It is also issued under New York’s trust charter oversight, aligning it with major regulated stablecoins like USDC and PYUSD.
The FSRA’s recognition adds another regulatory layer to RLUSD. It positions the stablecoin for broader usage among compliant financial entities in the Middle East, Europe, and Asia.
Ethereum Becomes RLUSD’s Primary Network
Although RLUSD is native to XRPL, Ethereum has become its main distribution layer. DeFi protocols and institutional infrastructure on Ethereum are driving this shift.
Bridges between XRPL and Ethereum have increased, making RLUSD easier to access across networks. These integrations support use cases like payments, asset swaps, and corporate settlements.
Ethereum’s scale and network effects allow Ripple to distribute RLUSD to a broader base, including users outside the XRP ecosystem. RLUSD now competes directly with other regulated USD stablecoins such as USDC and PYUSD.
RLUSD’s Position in the Stablecoin Market
Crossing the $1 billion supply threshold places RLUSD among the top new stablecoins. While it remains smaller than market leaders like USDT and USDC, its regulated structure and cross-chain reach give it a competitive advantage.
Currently, RLUSD accounts for 77% of stablecoin value on XRPL. On Ethereum, it is being adopted across multiple financial layers, including lending protocols and real-world asset (RWA) platforms.
Ripple aims to use Ethereum’s infrastructure to expand RLUSD’s use across decentralized markets and institutional finance. The stablecoin is expected to gain more traction as compliance becomes central to digital asset adoption.
