RLUSD Hits $2B as XRP Ledger Supply Nears $1B

Ripple’s dollar-backed stablecoin RLUSD has surpassed $2 billion in market capitalization, less than two years after launching in December 2024, as its supply expands almost evenly across the XRP Ledger and Ethereum.

Ripple announced the milestone on Aug. 25, saying close to $1 billion of RLUSD had been issued on the XRP Ledger.

Data from RWA.xyz placed the stablecoin’s total capitalization at approximately $2.02 billion, representing growth of 31.45% over 30 days.

Around $962.8 million of RLUSD was circulating on the XRP Ledger, compared with roughly $1.05 billion on Ethereum. Less than $90 million now separates the supplies on the two networks.

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RLUSD Records Eightfold Growth Since Early 2025

RLUSD’s current market value represents an eightfold increase from April 2025, when its capitalization was approaching $250 million.

Ripple has positioned the stablecoin primarily as enterprise infrastructure for cross-border payments, treasury management, liquidity and institutional settlement rather than as a retail trading asset.

The company issues RLUSD natively on both Ethereum and the XRP Ledger, rather than bridging a single supply between the networks.

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.$RLUSD is just getting started: https://t.co/n9h8QHjkAj pic.twitter.com/K7ZLnkSI0G

— Ripple (@Ripple) August 25, 2026

That model gives the stablecoin access to Ethereum’s large decentralized-finance ecosystem while using the XRP Ledger’s relatively fast and inexpensive settlement infrastructure.

RLUSD is designed to maintain a $1 value through reserves held in segregated accounts.

According to Ripple, those reserves include bank deposits, short-term US Treasury bills, government money-market funds and overnight reverse-repurchase agreements. Deloitte conducts monthly attestations of the reserves.

XRP Ledger Stablecoin Supply Passes $1 Billion

RLUSD now represents more than 90% of the stablecoin supply on the XRP Ledger, helping push the network’s total dollar-token supply beyond $1 billion.

That concentration gives Ripple’s token an unusually important role within the ledger’s payments and trading infrastructure.

It also means the growth of the XRP Ledger’s stablecoin sector remains heavily dependent on a single issuer.

$1.1 billion in stablecoins now sits on the ripple:native Ledger, up 14% last week.

Stablecoin supply is our favourite metric because it can't be faked. Nobody parks real dollars on a chain they don't intend to use.

The top 10 stablecoin chain is within reach. Watch… https://t.co/ET5lz0seZn

— Wave of Innovation (@wave_of_innov) August 24, 2026

RLUSD trading pairs processed more than $2.5 billion between the token’s launch and late June, according to an Evernorth analysis.

The RLUSD-XRP pair generated approximately $900 million over six months and represented nearly 90% of RLUSD trading activity on the network.

Across all supported networks, RWA.xyz recorded $11.81 billion in RLUSD transfers during the previous 30 days across 1.39 million transactions.

That figure measures tokens moving onchain and should not be interpreted as payment revenue or new capital inflows.

Ripple Pushes RLUSD Deeper Into Institutional Finance

Ripple has expanded RLUSD through payment integrations, exchange listings and regional distribution agreements.

Recent developments include Mastercard settlement support, Bitso integration and availability in markets including Japan and Turkey.

The company also introduced Ripple Mint in July, allowing eligible institutional clients to issue, redeem and manage RLUSD through a web interface or application programming interfaces.

XRPL has been bucking the trend. While stablecoins across platforms have been contracting, they’ve been growing on the ledger.

RLUSD outstanding is up 39% since May 20, to $934M. Across platforms, there are about 6% fewer stablecoins in circulation than in May when things… pic.twitter.com/M5v1s4cCc8

— evernorthxrp (@evernorthxrp) August 25, 2026

RLUSD could eventually support institutional credit markets on the XRP Ledger.

Ripple is backing a lending initiative involving Clearpool and Cicada Partners, although its mainnet launch depends on validator approval of the XLS-65 Single Asset Vaults and XLS-66 Lending Protocol amendments.

The milestone strengthens Ripple’s effort to make RLUSD a regulated settlement asset for payments and tokenization.

However, it does not guarantee equivalent demand for XRP. Stablecoin growth may increase network liquidity and transaction activity, but users need only small amounts of XRP to cover fees.

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