Ethereum now holds more circulating Ripple USD (RLUSD) than the XRP Ledger, according to Altcoin Buzz (Anmol Billa, Oct. 2, 2026) citing DefiLlama chain balances. The brief put XRPL RLUSD near $1.014 billion while Ethereum held the larger share — a continuation of the late-September pattern when Ethereum already carried roughly $1.37 billion vs about $1.05 billion on XRPL in an attestation-era snapshot.

RLUSD is natively issued on both chains (with Wormhole routes elsewhere), backed by cash and cash equivalents, and redeemable 1:1 for U.S. dollars. A larger Ethereum balance does not create a different claim on reserves. Altcoin Buzz also notes XRPL has grown faster in percentage terms over the past month even as Ethereum leads in absolute dollars.

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Where it sits ≠ where it is used

Chain balances show where RLUSD is parked — not which network has the most active payments, trading, or mint/redeem demand. Companies can hold and transfer RLUSD without buying XRP; XRPL fees still burn a small amount of XRP, but that is not one-for-one token demand. Separately, Ripple’s Jack McDonald cited roughly a $2.4 billion RLUSD market cap with monthly growth above 50% in a late-September update (Bitcoin.com). Live marks Friday morning (~9:13 a.m. MT via Robinhood): XRP ~$1.51, ETH ~$2,705. Not investment advice.

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