Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has reached a market capitalization of $2.035 billion, according to recent CoinGecko data. The milestone comes just months after the stablecoin’s launch in December 2024, making RLUSD one of the fastest-rising regulated assets in its category.
Rapid supply growth and XRP Ledger momentum
The current RLUSD supply is approaching $1 billion on the XRP Ledger, indicating rising adoption on Ripple’s native blockchain network. Over the last day, several major minting events were recorded from the RLUSD Treasury, including issuances of 40 million, 25 million, 20 million, 19 million, 14 million, and 12 million RLUSD. This surge in minting activity has injected new liquidity into the ecosystem.
RLUSD’s presence on the XRP Ledger is growing rapidly, with recent issuances adding substantial liquidity to support users and applications within Ripple’s ecosystem.
Much of RLUSD’s recent expansion has taken place on the XRP Ledger, though Ethereum initially served as the primary network following its debut. The shift highlights an increased deployment of RLUSD on Ripple’s proprietary infrastructure.
Mini dictionary: XRP Ledger, Ripple’s open-source blockchain protocol designed for fast and efficient payments globally. It enables the issuance, transfer, and exchange of digital assets directly on-chain.
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AAPLTop contenders in the stablecoin race
RLUSD’s rapid growth has launched it into the ranks of leading dollar-backed stablecoins, now placing it just behind prominent tokens such as Tether’s USDT, Circle’s USDC, Maker’s USDS, Dai, Ethena’s USDe, and PayPal USD (PYUSD).
Presently, PayPal’s PYUSD stands at a capitalization of around $2.87 billion, holding less than a $1 billion advantage over RLUSD. The narrowing gap suggests RLUSD could soon challenge PYUSD’s position among regulated stablecoins if its current pace continues.
| Stablecoin | Market Cap (USD) |
|---|---|
| Tether (USDT) | $183 billion |
| Circle (USDC) | $73 billion |
| Maker (USDS) | $9.7 billion |
| Dai | $4.5 billion |
| Ethena (USDe) | $4 billion |
| PayPal USD (PYUSD) | $2.87 billion |
| Ripple RLUSD | $2.035 billion |
Tether’s USDT continues to lead the stablecoin sector with a market capitalization of $183 billion, followed by Circle’s USDC at $73 billion. Other notable competitors include USDS, Dai, and Ethena’s USDe, each maintaining multi-billion dollar market caps.
The gap between RLUSD and PYUSD is now less than $1 billion, positioning RLUSD as a serious contender among regulated stablecoins.
Ripple, known for its enterprise blockchain solutions and cross-border payment systems, has stated that RLUSD’s regulated status and growing circulation underpin its ongoing momentum.
