Ripple USD hits $2.5B market cap as XRPL stables surge
RLUSD supply climbed to a new record near $2.5 billion, while stablecoins on the XRP Ledger rose 6% in a week.
The short answer
Ripple's RLUSD stablecoin reached a circulating supply of 2.49 billion tokens with a market value near $2.5 billion, marking a fresh record. Total stablecoins on the XRP Ledger grew to $1.19 billion, up roughly 6% over seven days, with RLUSD accounting for over 92% of that supply.
What happened
Ripple's RLUSD stablecoin reached a circulating supply of 2.49 billion tokens, with a market value near $2.5 billion. The milestone represents growth from the $2 billion mark Ripple reported in August, driven by steady increases in token issuance across supported networks.
Stablecoins on the XRP Ledger collectively grew to $1.19 billion, up roughly 6% over the past seven days. RLUSD dominates the ledger's dollar asset pool, making up over 92% of tracked stablecoin supply with $1.10 billion held on XRPL alone.
Ripple launched RLUSD in December 2024 as a dollar-pegged token for payments and financial transactions across multiple networks. Standard Custody issues the token under New York state supervision and maintains its one-dollar peg.
Institutional access to RLUSD expanded through Ripple Mint, an interface and API introduced in July that allows eligible clients to create and redeem the token directly. The service aims to integrate stablecoin issuance into existing treasury and payment systems.
Why it matters
The growth of RLUSD supply demonstrates sustained institutional demand for regulated dollar infrastructure on blockchain networks. Each new token issued reflects actual mint demand from clients using the stablecoin for settlements, payments, and treasury operations rather than price speculation.
XRPL's transformation into a single-issuer dollar rail carries dual implications. The concentration confirms RLUSD's market dominance and utility on Ripple's home ledger, improving XRP's function as a bridge asset. However, it concentrates reserve, regulatory, and redemption risk with Ripple and Standard Custody rather than distributing it across multiple issuers.
Questions readers ask
What is RLUSD and how does it work?
RLUSD is a dollar-pegged stablecoin issued by Standard Custody under New York state supervision. Launched in December 2024, it facilitates payments and financial transactions across multiple networks including XRPL and Ethereum. The token trades near one dollar and maintains a one-to-one reserve backing.
How much RLUSD is on the XRP Ledger?
Approximately $1.10 billion of RLUSD's total 2.49 billion token supply sits on XRPL, representing over 92% of all tracked stablecoins on that ledger.
Why did stablecoin supply on XRPL jump 6%?
The increase reflects growing RLUSD issuance driven by institutional adoption through Ripple Mint and expanded payment settlement use cases. The growth represents actual mint demand from clients rather than speculative trading activity.