Ripple’s RLUSD stablecoin has reached a major milestone, as its total circulating supply has approached $2.5 billion as of September 22. This growth has coincided with an increase in deposits of stablecoins on the XRP Ledger (XRPL), suggesting greater flows of U.S. dollars through the Ripple blockchain network.
RLUSD supply climbs, surpasses $2 billion mark
The RLUSD stablecoin first crossed $2 billion in circulation in August, according to Ripple’s latest transparency disclosures. Updated figures show the stablecoin’s supply now ranges roughly between $2.4 billion and $2.5 billion, depending on the data provider. Ripple’s own data listed $2.3956 billion RLUSD in circulation and $2.5177 billion in reserve funds as of September 3.
Ripple, a technology company focused on enterprise blockchain solutions, aims to position RLUSD as a fully regulated and transparent stablecoin. RLUSD is designed to maintain a stable value at one U.S. dollar and is collateralized by cash and cash equivalents held in segregated reserve accounts. The expansion in supply reflects the growth in dollar-backed tokens circulating across supported networks rather than a change in RLUSD’s price.
Ripple reports that RLUSD’s supply growth stems from rising demand across blockchain payments and institutional financial operations, not from speculation on its price.
The company has also issued RLUSD on Ethereum, broadening access to its stablecoin beyond the XRPL. Ripple Mint, the firm’s dedicated platform, allows eligible clients to mint and redeem RLUSD directly, enabling direct management of stablecoin positions without relying solely on secondary markets.
Stablecoins expand on XRPL
Data indicates that the total supply of stablecoins on XRPL has now reached approximately $1.19 billion, with RLUSD accounting for about $1.1 billion of that figure. This concentration makes RLUSD the largest dollar-denominated stablecoin on the XRPL, reinforcing its dominant position within Ripple’s ecosystem.
The close link between RLUSD’s supply growth and XRPL activity suggests the stablecoin is increasingly serving as a source of dollar liquidity across the network. However, RLUSD and XRP occupy distinct functions within the XRPL. RLUSD represents a digital version of the U.S. dollar that can be used for transactions and settlement, while XRP is required for network fees and utility features native to the XRPL.
Despite the surge in RLUSD supply, this does not necessarily indicate a proportional rise in payment or transaction volume. Ripple clarified that the size of the supply reflects the number of existing tokens, while active transaction data is needed for insights into the frequency of stablecoin use in settlements.
Mini dictionary: XRPL (XRP Ledger), an open-source public blockchain developed by Ripple for fast, low-cost payments and financial transactions, where XRP is used as the network’s native digital asset. RLUSD is Ripple’s own stablecoin issued on this ledger as well as Ethereum.
| Stablecoin | Supply on XRPL | Total Circulating Supply |
|---|---|---|
| RLUSD | $1.1 billion | $2.4–$2.5 billion |
| Other Stablecoins | $0.09 billion | N/A |
The increased RLUSD supply enables both payment providers and financial institutions to access regulated dollar liquidity, helping them avoid traditional banking rails and simplifying settlement processes within the XRPL environment.
XRP price action and technical levels
As RLUSD’s supply expanded, XRP itself traded near $1.57, having tested the $1.60 mark several times in recent sessions. On September 25, XRP briefly reached an intraday high above $1.60 before retracing to the $1.57 area. Technical analysts noted that $1.61 remains a resistance zone, with immediate support found between $1.50 and $1.48.
Technical analyst Diana identified $1.61 as a key resistance, while observing consistent support for XRP near $1.55 and $1.50.
Despite proximity in timing, market data shows no direct relationship between RLUSD’s supply growth and XRP’s recent price movements. XRP’s price and trading activity continue to be shaped by broader market forces, separate from Ripple’s stablecoin metrics.
| Price Level | Observed Price/Range | Significance |
|---|---|---|
| XRP Resistance | $1.61 | Repeated rejection |
| XRP Support | $1.50–$1.48 | Immediate support zone |
| Recent Range | $1.55–$1.60 | Ongoing trading zone |
Going forward, observers are watching for future RLUSD reserve attestations, updates to circulating supply, and whether the concentration of stablecoins on XRPL continues to expand. Meanwhile, XRP’s ability to maintain its support level and potentially break past $1.61 remains an area of interest for traders tracking the network’s ecosystem.
