An unexpected change of leader in the distribution of Ripple’s USD stablecoin supply has been recorded as the native $XRP Ledger (XRPL) network has overtaken the Ethereum blockchain for the first time, with a total market capitalization already close to the $1.6 billion mark.
According to the latest on-chain data by Ripple USD Tracker, the stablecoin balance on $XRP Ledger has reached $801,796,535, while the figure on Ethereum has corrected to $795,598,530.
According to prominent community voices, the “quiet flippening” was driven not so much by aggressive XRPL expansion as by large-scale client redemptions on the Ethereum side. While controlled burns of large token batches were taking place on the competing network, demand on XRPL remained stable, which automatically pushed the network into first place.
Ripple USD storms the top 10 amid global expansion
As fresh data from CoinMarketCap displays, Ripple USD ($RLUSD) is showing rapid growth, taking 8th place in the global ranking of the largest stablecoins with a total market capitalization of $1.598 billion and a daily trading volume of $166.53 million.
At the current stage, the asset is successfully competing in the sector of new-generation regulated dollar tokens, trailing players such as PayPal USD (PYUSD), with its $2.75 billion, and Global Dollar (USDG), with $2.9 billion.
The “flippening” coincided with active discussion of the stablecoin’s integration in the Asia-Pacific region. Earlier, Japan’s financial sector announced the launch of operations with $RLUSD, choosing the Ethereum network as the initial infrastructure because of its deeper integration into existing banking services.
Some market participants considered this a long-term negative for the $XRP Ledger blockchain associated with Ripple.
However, commenting on the launch in Japan, XRPL Foundation representative Vet explained that Ethereum’s dominance at the start is logical due to its developed infrastructure.
Initially for sure, ethereum is wider integrated into services etc.
I can’t see the $RLUSD on XRPL not being part of it eventually. You wanna be everywhere.
— Vet (@Vet_X0) June 24, 2026
In the long term, $RLUSD based on $XRP Ledger will inevitably become part of this ecosystem, as the project’s key goal is to ensure the stablecoin’s maximum presence across all available platforms.
For Ripple, XRPL’s current leadership in supply volume once again proves the viability of the chosen multichain strategy. While Ethereum serves as a ready-made bridge for the rapid deployment of liquidity in conservative foreign markets, $XRP Ledger is successfully maintaining its status as the primary hub for institutional capital.
