$RLUSD Supply Crosses $2 Billion
Ripple USD ($RLUSD) surpassed $2 billion in market capitalization last week. On Aug. 25, Ripple shared the milestone in a post on X:
“$RLUSD crossed $2B in market cap last week, with close to $1B issued on the $XRP Ledger. Live since December 2024, built for real-world utility and designed for enterprise use cases. “
Each $RLUSD token is designed to maintain a value of $1 through reserves containing cash and permitted cash equivalents. Ripple’s $RLUSD documentation states that reserves are held in segregated accounts and include short-term U.S. Treasury bills, government money market funds, overnight reverse repurchase agreements, and bank deposits. Deloitte conducts monthly reserve attestations, according to Ripple.
RWA.xyz data placed $RLUSD’s market cap at approximately $2.02 billion, up 31.45% over 30 days, with about $962.8 million issued on the $XRP Ledger and $1.05 billion on Ethereum. The same dataset recorded $11.81 billion in $RLUSD transfers over the preceding 30 days, spread across 1.39 million transactions.
The two networks now carry nearly equal shares of $RLUSD supply, with less than $90 million separating them. Ripple issues the stablecoin natively on each chain rather than bridging a single pool, so the two balances account for nearly all of the $2.02 billion total.
The stablecoin’s current valuation represents an eightfold increase from its level during the first four months after launch. In April 2025, Ripple reported that $RLUSD was approaching $250 million in market capitalization. At the time, the company integrated the stablecoin into Ripple Payments for cross-border transactions, treasury operations, and institutional settlement.
$XRP Ledger Activity Expands With $RLUSD Supply
Growing $RLUSD issuance has contributed additional dollar-denominated liquidity to the $XRP Ledger’s trading and payment infrastructure. $RLUSD trading pairs processed more than $2.5 billion from the stablecoin’s launch through late June, according to an Evernorth analysis. The $RLUSD–$XRP pair generated roughly $900 million over the preceding six months and accounted for nearly 90% of $RLUSD trading on the network.
$RLUSD could also support institutional credit if two proposed $XRP Ledger amendments receive validator approval. Ripple is backing an institutional $RLUSD lending initiative involving Clearpool and Cicada Partners. The system remains under development on the network’s Devnet and depends on approval of the XLS-65 Single Asset Vaults and XLS-66 Lending Protocol amendments before a mainnet launch.
Institutional users gained another route into the stablecoin when Ripple introduced a unified issuance and redemption platform in July. Ripple Mint allows eligible institutions to manage $RLUSD through a web interface or application programming interfaces. Its functions include minting, redemption, blockchain bridging, balance monitoring, transaction tracking, and automated notifications covering each stage of the settlement process.
Payments and Multichain Access Broaden $RLUSD’s Reach
Ripple has expanded $RLUSD through payment integrations, exchange listings, regional distribution agreements, and support for additional blockchain networks. Eight $RLUSD developments listed in July included Mastercard settlement support, availability in Japan and Turkey, integration with Bitso, and a Flutterwave investment tied to African payment corridors. Ripple has also extended the stablecoin beyond its original $XRP Ledger and Ethereum deployments.
Stablecoins are cryptocurrencies designed to track reference assets, most commonly the U.S. dollar, through reserves, collateral, redemption mechanisms, or other structures. Stablecoin backing and redemption models determine how each token seeks to preserve its peg and the risks holders face. The transfer figure measures onchain movement rather than payments, revenue, or net inflows, while the market cap reflects circulating value.