Ethereum: Ripple Stablecoin Sets New Circulation Mark With Chain Shift

In a recent live room covering stablecoin metrics, the discussion turned to how supply distribution can signal where capital prefers to settle across chains. Bitcoin.com News and DeFiLlama data show RLUSD circulating supply hitting a record near $2.42 billion to $2.44 billion on September 14 2026. That figure marks a 41 percent increase from roughly $1.72 billion one month prior.

Chain Allocation Details

Ethereum now accounts for about $1.37 billion of the total supply. The XRP Ledger holds approximately $1.05 billion. This reverses the July 2026 split, when the XRP Ledger led with around $907 million or 58.9 percent while Ethereum stood at $632 million. Of the roughly $840 million in new supply added since July, Ethereum captured the larger share.

Trackers flag the weekly peak at $2.442 billion, confirming the move higher without reliance on any single narrative around treasury flows or ETF activity. CoinGecko spot prices on the same date placed Bitcoin near $79,120 with a 2.46 percent daily gain and Ethereum near $2,543 with a 1.55 percent daily gain.

What the Numbers Track

The update centers on where the circulating dollars sit, not on trading volume or client treasury targets. The data separate the supply print from any broader TAM estimates and focus instead on verifiable chain holdings reported by DeFiLlama.

This approach mirrors how some projects separate on-chain distribution from marketing claims. Azuki, for example, built its path through a self-funded mint structure and community-driven secondary market activity rather than external raises. RLUSD supply growth shows a similar emphasis on actual chain placement over projected use cases, with Ethereum absorbing most incremental issuance in recent weeks.

Market Context

Majors posted modest gains on the day the supply figure updated. Spot prices remained in a contained range while stablecoin trackers updated the new high. The reversal in chain split offers one data point on where issuers and users route liquidity when both networks remain active.

Observers in the room noted the 30-day climb without framing it as a volume signal or a prediction for future inflows. The emphasis stayed on the reported numbers and the shift away from the earlier XRPL majority.

Reading the Split

Ethereum’s larger share today does not imply dominance in every metric, yet it marks a clear change from July allocations. The XRP Ledger retains a substantial position above $1 billion, so both chains carry meaningful balances. The story sits in the pace of new issuance and which network received the greater portion of recent additions.

Coverage from Bitcoin.com News framed the record as a supply milestone while underscoring the location of those dollars. DeFiLlama serves as the cited tracker for the $2.42 billion level and the chain breakdown. No other claims about lending programs, ETF flows, or treasury targets appear in the reported data.

The update arrives as spot majors continue to print daily candles within recent ranges. RLUSD supply now stands at its highest recorded level, with Ethereum holding the majority of that total on the latest snapshot.