Ripple's stablecoin is fading away on popular chain, XRP crashes

Key takeaways

• RLUSD connected the XRP Ledger overtook Ethereum connected June 26, 2026 and has held the pb for 16 consecutive days.

• The XRP Ledger holds 863.2 cardinal RLUSD to Ethereum's 676.1 cardinal — a 56.1% / 43.9% divided of a $1.539 cardinal stablecoin.

• Since mid-June the XRP Ledger is up 11.7% portion Ethereum is down 22.8%. Over 2 months, the XRP Ledger has much than doubled (+128%).

• XRP trades astatine $1.11, down 0.34% connected the day, marketplace headdress $69.12 billion.

• RLUSD is backed by cash, not XRP. 

Ripple's dollar stablecoin RLUSD has changed homes.

RLUSD proviso connected the XRP Ledger passed Ethereum for the archetypal clip connected June 26.

As of July 11, the XRP Ledger holds astir 863.2 cardinal RLUSD against Ethereum's 676.1 million, a 56.1% to 43.9% divided of the stablecoin's astir $1.539 cardinal full supply, according to on-chain information from DefiLlama.

Since mid-June, XRP Ledger proviso has climbed 11.7% portion Ethereum's has fallen 22.8%. Widen the model to 2 months and the XRP Ledger's RLUSD equilibrium has much than doubled, up astir 128% from 378.8 cardinal successful mid-May.

XRP, meanwhile, trades astatine $1.11, down 0.34% implicit 24 hours, with a marketplace capitalization adjacent $69.12 cardinal and 62.47 cardinal tokens circulating retired of a 100 cardinal maximum supply.

Related: XRP code number hits grounds precocious arsenic caller ETF debuts

When precisely did RLUSD flip Ethereum?

June 26, 2026. The regular on-chain bid makes the crossover unambiguous, and it is the item astir each different study has missed.

A week earlier, connected June 18, Ethereum was inactive comfortably ahead, holding 875.3 cardinal RLUSD to the XRP Ledger's 772.6 million. By June 24 it had narrowed to 812.2 cardinal against 784.9 million. 

On June 25 the 2 chains were efficaciously level, 793.1 cardinal connected Ethereum and 792.5 cardinal connected the XRP Ledger, a dormant vigor wrong a azygous percent point.

The adjacent time it broke. On June 26 the XRP Ledger held 804.3 cardinal RLUSD against Ethereum's 771.6 million, taking 51% of full proviso and the pb for the archetypal clip successful the stablecoin's history.

By July 2 the divided had stretched to 846.4 cardinal against 734.3 million, oregon 53.5%. By July 8 it was 853.9 cardinal to 728.1 million. And arsenic of July 11 the XRP Ledger holds 863.2 cardinal RLUSD to Ethereum's 676.1 million, a 56.1% stock and a pb of 187.1 cardinal tokens.

Related: Ripple and SEC lawsuit faces a shocking turn

What is RLUSD?

RLUSD (Ripple USD) is simply a dollar-pegged stablecoin issued by Ripple, backed one-to-one by a segregated reserve of currency and currency equivalents and redeemable 1:1 for U.S. dollars. It launched natively connected some the XRP Ledger and Ethereum, and its full proviso is astir $1.539 cardinal arsenic of July 11.