Ripple's dollar-backed stablecoin RLUSD has recorded a higher circulating supply on the XRP Ledger (XRPL) than on Ethereum for the first time. According to overseas crypto media outlet Coingape, Ripple's expansion of RLUSD into the Japanese market is simultaneously boosting the utilization of the XRP Ledger.

XRP Ledger Overtakes Ethereum in Supply for the First Time

According to Coingape, based on the Ripple USD Tracker, the circulating supply of RLUSD on the XRP Ledger stands at approximately $801.79 million. This surpasses the $795.59 million circulating on Ethereum. This marks the first time that the XRP Ledger has recorded the highest supply among the two blockchains that RLUSD supports.

Coingape noted that this supply increase came immediately after Ripple announced on June 25 (local time) that it would launch RLUSD services in Japan. Ripple stated that it will provide RLUSD in Japan through partnerships with SBI Holdings and the cryptocurrency exchange SBI VC Trade.

Expanding Collaboration with SBI Group... Supporting Payments, Tokenization, and Collateral Management

Coingape reported that with this launch, the collaboration with the SBI Group is expanding, enabling support for cross-border payments, tokenization, and collateral management services. However, it added, citing the SBI VC Trade service guide page, that the currently supported network is Ethereum, with XRP Ledger support expected to be added in the near future.

Coingape explained that this news is drawing attention because plans are underway to integrate RLUSD natively into the XRP Ledger, even though Ethereum-based infrastructure is currently operating smoothly.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, said regarding the Japan launch, "This launch is an important step that enables Japanese financial institutions, consumers, and businesses to access transparent, regulatory-compliant, dollar-backed stablecoins like RLUSD."

According to Coingape, Ripple stated that RLUSD has received approval from Japan's Financial Services Agency and will be operated as a new electronic payment method under Japan's Payment Services Act.

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