Ripple USD (RLUSD) supply on the Ethereum network has dropped to approximately $692 million, according to data from Ripple Stablecoin Tracker. The decline follows a series of token burns that have reduced the stablecoin's circulating supply on Ethereum over the past month.
Supply Shifts Through Burns and Minting
At the beginning of July, RLUSD supply on Ethereum stood above $727 million. In the last seven days, $115.4 million worth of RLUSD was burned on Ethereum, while only $49.3 million was minted. On July 29 alone, $25.9 million was burned and $6.2 million minted. Over the past 30 days, total burns on Ethereum reached $369.4 million, with minting at $167.6 million. On the XRP Ledger, $324.1 million was minted and $217.6 million burned in the same period. The total circulating supply of RLUSD across both networks is now $1.556 billion.
RLUSD Gains Ground on XRP Ledger
With Ethereum supply shrinking, the XRP Ledger now hosts more RLUSD than Ethereum, a shift that first occurred in June. RLUSD circulation on XRP Ledger grew from roughly $20 million at the end of 2024 to about $800 million by late June 2026, a 40-fold increase. The largest growth came in May and June 2026. Ripple USD has become one of the most-traded issued assets on XRP, with its share of on-chain trading rising from under 1% to about 12% in 2026. The RLUSD/XRP pair alone has processed roughly $900 million in volume over the last six months.
Regulatory Milestone for Ripple
This week, Ripple received a Crypto Asset Service Provider (CASP) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). The authorization confirms Ripple as fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation. As a result, Ripple's solutions, underpinned by XRP and RLUSD, can now be offered to financial institutions, corporates, and businesses across all 30 countries of the European Economic Area.