Ripple, a San Francisco-based blockchain technology company, has expanded its RLUSD stablecoin circulation to $2.69 billion, intensifying its competition with PayPal’s regulated digital dollar, PYUSD, as both firms broaden their reach in digital payments.
Ripple’s RLUSD supply and reserve details
According to figures published on Ripple’s official transparency dashboard, RLUSD reached $2.6899 billion in circulation as of November 12, 2026. The stablecoin’s reserves stand at $2.8265 billion, reflecting Ripple’s practice of maintaining more reserve assets than the total supply.
Ripple stated that RLUSD reserves are held in segregated accounts and include a mix of US government securities, cash holdings, and a range of highly liquid assets to safeguard redemption capabilities and mitigate liquidity risk.
RLUSD is issued by Ripple Custody & Trust Co., which operates under supervision from the New York Department of Financial Services. The trust company is responsible for ensuring compliance with regulatory oversight and maintaining customer confidence.
The stablecoin launched in December 2024, and its steady growth has coincided with Ripple’s ongoing rollout of institutional payment and settlement products aimed at corporations and financial institutions.
Earlier this month, Brad Garlinghouse, CEO of Ripple, addressed industry speculation regarding RLUSD replacing the company’s native cryptocurrency, XRP. He clarified that RLUSD and XRP fulfill distinct functions, with XRPL’s native asset serving as a bridge token for cross-border transactions, while RLUSD aims to provide price stability for digital settlements.
Garlinghouse emphasized RLUSD’s role in offering price-stable transfers, stating that “XRP and RLUSD solve different problems within our ecosystem.”
Unlike XRP, which is subject to market volatility, RLUSD is designed to maintain a stable value of one US dollar at all times.
PayPal’s PYUSD and stablecoin market rivalry
PayPal’s PYUSD, another high-profile dollar-backed stablecoin, is issued by Paxos Trust Company and was developed with a focus on consumer-oriented digital payment solutions, including peer-to-peer transfers and wallet integration.
Both RLUSD and PYUSD are regulated assets, designed to remain pegged to the value of one US dollar. As such, their market capitalizations are primarily determined by supply in circulation, not price fluctuations.
Directly comparing RLUSD and PYUSD requires matching data from the same reporting periods. While Ripple published its November 12 figure for RLUSD, Paxos’ public reserve disclosures do not provide a directly equivalent circulation figure for PYUSD on that date.
Comparisons in the stablecoin sector increasingly center on adoption rates, redemption mechanisms, and success in securing institutional partnerships rather than on speculative rankings.
Ripple recently secured support from Standard Chartered for RLUSD custody, and discussions are underway regarding the token’s integration into LMAX Group’s collateral infrastructure, although operational details and requirements are still being finalized.
Moody’s, the leading ratings agency, recently assigned investment-grade ratings to Ripple, which analysts see as a significant factor for institutional investors assessing reserve quality and counterparty risk.
Mini dictionary: LMAX Group is a global operator of institutional trading and infrastructure platforms for currency, crypto assets, and derivatives, primarily serving banks, funds, and other large trading entities.
| Stablecoin | Issuer | Circulating Supply (Nov 12, 2026) | Reported Reserves | Main Focus |
|---|---|---|---|---|
| RLUSD | Ripple Custody & Trust Co. | $2.69 billion | $2.83 billion | Institutional payments |
| PYUSD | Paxos Trust Company | Not disclosed for this period | Not disclosed for this period | Consumer payments |
