Ripple’s $2.6 Billion Stablecoin is Growing on Ethereum, Not XRP

Ripple CEO Brad Garlinghouse wants RLUSD, its $2.6 billion market cap stablecoin, to run on the XRP Ledger. However, about two-thirds of the RLUSD supply now sits on Ethereum, DefiLlama data shows. Garlinghouse made the comments on X. Replying to a user who called RLUSD great for XRP, the Ripple CEO drew a clear line between the two assets: He also praised a post by an XRP Ledger developer that compared both assets. Ripple issues the RLUSD supply and can freeze those tokens, the developer argued. Nobody, by contrast, can freeze XRP. In addition, every account on the ledger needs an XRP reserve, and users pay all transaction fees in XRP. Days earlier, Garlinghouse called the two assets “very complementary” at Swell 2026 .

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