DefiLlama data shows that Ethereum holds about two-thirds of RLUSD. RLUSD is a stablecoin issued by Ripple, with a market capitalization of $2.6 billion. Ripple CEO Brad Garlinghouse wants RLUSD to run on the XRP Ledger. Over the past month, the supply of RLUSD on Ethereum has increased by about a third, while the supply on the XRP Ledger has fallen by almost the same proportion. At Swell 2026, Garlinghouse dismissed speculation that Ripple was abandoning XRP in favor of RLUSD. Ripple has not explained the reason for the supply changes.