Ripple‘s US dollar-backed stablecoin RLUSD has surpassed PayPal USD (PYUSD) in market capitalization, marking a new milestone in its growth among global stablecoins.
Market cap milestone for RLUSD
According to the latest data from CoinGecko, RLUSD’s market capitalization reached approximately $2.71 billion, outpacing PayPal’s PYUSD, which stands at $2.69 billion. This puts RLUSD ahead of its competitors in a rapidly expanding stablecoin market.
Ripple, a San Francisco-based blockchain company, launched RLUSD in December 2024, making this advance notable as it comes less than two years after the stablecoin’s introduction.
The achievement reflects strong momentum in adoption and popularity, especially against established offerings such as PYUSD from PayPal, a major global payments platform.
Mini dictionary: CoinGecko is a cryptocurrency data platform that provides real-time information on prices, market capitalizations, volumes, and rankings for digital assets.
| Stablecoin | Market cap | Launch date | Issuer |
|---|---|---|---|
| RLUSD | $2.71 billion | December 2024 | Ripple |
| PYUSD | $2.69 billion | August 2023 | PayPal |
Industry reaction and potential impact
A prominent validator on the XRP Ledger, Vet, highlighted RLUSD’s increasing relevance in the stablecoin sector, noting its rapid entry into the top ranks of USD-backed stablecoins.
Vet stated that RLUSD is now among the top five stablecoins by market capitalization and anticipates it could soon rank among the top three.
RLUSD has become a top five USD-backed stablecoin and may soon break into the top three, reflecting accelerated growth and adoption.
Vet also emphasized Ripple’s consistent efforts in developing the XRP Ledger and suggested that increased RLUSD adoption might accelerate interest from traditional financial institutions.
He pointed to significant growth in RLUSD payment volume and ongoing integrations with banks and cryptocurrency exchanges.
These integrations could prompt more banks and institutions to support XRP Ledger infrastructure and consider issuing tokenized assets on it.
Institutional partnerships and exchange integrations
Ripple has recently secured several strategic partnerships and exchange listings for RLUSD, strengthening its presence in the market. On October 28, Ripple partnered with Coinbase, enabling retail and institutional access to RLUSD across Coinbase Exchange, Coinbase Prime, and its trading application.
Coinbase announced support for RLUSD on multiple blockchain networks, including the XRP Ledger, Ethereum, and Base, as part of its collaboration with Ripple.
Additionally, Ripple has deepened its collaboration with BNY, which serves as the reserve custodian for RLUSD. BNY is one of the world’s oldest banking institutions, providing custody and asset servicing solutions for institutional clients.
Mini dictionary: BNY refers to The Bank of New York Mellon, a leading global custodian bank offering financial services to corporations, institutions, and individuals worldwide.
Standard Chartered, a major international bank, has also introduced institutional custody services for RLUSD on the XRP Ledger, starting in October. This step reflects growing institutional acceptance and infrastructure development for RLUSD.
