Stablecoin Dominance: Ethereum-Tron Hold 81% of $312.7B Supply, RLUSD Tilts to XRPL

A dashboard dispute is exposing gaps in how traders read stablecoin dominance data. A viral chart claiming Ethereum controls 87% of global stablecoin supply excluded Tron entirely, and a corrected Artemis dataset puts the real combined Ethereum-Tron share at 81% of a $312.7 billion market, with the XRP Ledger holding just 0.4%.

The discrepancy surfaced after an X account, @ScamDetective5, used the flawed chart to argue that “the XRP Ledger is not even on the map,” reigniting a long-running dominance debate within the XRP community, according to The Crypto Basic.

The Corrected Breakdown

An Artemis dashboard covering all major chains shows Ethereum at $162.7 billion in circulating stablecoin supply, a 52.4% share — not the 87% cited in the viral post. Tron ranks second with $89.4 billion, or 28.8%, bringing the two networks’ combined share to more than 81% of the $312.7 billion total.

The rest of the field is thin by comparison: BNB Chain holds $16.6 billion (5.4%), Solana $16.2 billion (5.2%), HyperEVM $5.7 billion (1.8%), Base $4.6 billion (1.5%), Arbitrum $4.3 billion (1.4%) and Polygon PoS $3.9 billion (1.3%). The XRP Ledger sits at roughly $1.2 billion, a 0.4% slice of the aggregate supply.

Transaction Volume Hits a Record $1.79 Trillion

The dominance debate lands as underlying activity accelerates. Visa’s Allium-powered analytics recorded adjusted stablecoin transaction volume of $1.79 trillion in June, up 63% from May and 125% year-over-year. The methodology strips out bot activity, treasury rebalancing and repetitive smart-contract calls to isolate genuine economic throughput.

By issuer, USDC led June volume at $1.21 trillion (about 67% of the total), with USDT processing $576 billion (roughly 32%) and PYUSD adding $2.42 billion. At the chain level, Base narrowly topped the tables with $565 billion in transaction volume, just ahead of Ethereum’s $562 billion, while Tron processed approximately $320 billion.

RLUSD Supply Flips to XRPL Despite Ledger’s Small Footprint

Even as XRPL’s overall stablecoin share stays near-negligible at 0.4%, Ripple’s own stablecoin is shifting on-chain. In late June, RLUSD’s circulating supply on the XRP Ledger overtook its Ethereum supply for the first time, making XRPL the largest single network hosting the token.

Data from the RLUSD Tracker puts XRPL’s current RLUSD balance at about $848 million versus $727 million on Ethereum, for a combined circulating supply of nearly $1.6 billion across both chains. The migration signals internal growth within Ripple’s own stablecoin ecosystem even as the broader market remains concentrated on Ethereum and Tron.

Read more: XRPL’s 2.28% Tokenization Slice Implies $35 XRP Under Citi’s $5.5T Model