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Ripple 
$4’s US dollar-pegged stablecoin, RLUSD, has surpassed the $500 million mark in circulation just seven months after its launch in December 2024. Minted on the XRP Ledger and Ethereum 
$3,759 networks, RLUSD is now among the largest 20 stablecoins, boasting a daily transaction volume of approximately $35 million, according to CoinMarketCap data. The 1:1 dollar-backed altcoin is supported by cash, cash equivalents, and short-term US Treasury bonds. Ripple’s application to the US Office of the Comptroller of the Currency (OCC) for a national “trust-bank” license further bolstered the altcoin’s growth.
RLUSD’s Explosive Growth in Seven Months
The swift growth of RLUSD is aligned with the positive cryptocurrency regulatory initiatives under Donald Trump’s administration in the US. Federal regulators have updated rules allowing banks to offer crypto services, creating a clear framework for exchanges and custodians. With RLUSD’s circulation soaring to $500 million, the altcoin has secured a strong footing in the stablecoin market.
CoinMarketCap data reveals that the market size of stablecoins has neared $260 billion, with dollar-pegged altcoins holding a commanding 95% share of the total market.
Stablecoins like RLUSD are quickly rising due to being minted on two networks, expanding their user base. The tokenomics of the coin are supported by regular audit reports and a transparent reserve structure. The daily volume hovering around $35 million signals strong investor interest. Market experts suggest that dollar-backed stablecoins could play a significant role in global payment and custody processes, given the increasing regulatory clarity.
Ripple’s Aspiration for a Banking License
Ripple’s pursuit of a national trust-bank license from the OCC would enable the company to hold customer deposits directly and issue RLUSD under federal banking regulations. Circle, the issuer of USDC, also seeking the same license, views banking status as crucial for institutional customer custody. With the license’s approval, Ripple could manage RLUSD reserves directly on its balance sheet and operate under US regulations.
Recent regulatory activities have accelerated the integration of the cryptocurrency market into the financial system. Experts highlight that OCC regulations allowing banks to issue stablecoins strengthen the bridge between traditional finance and blockchain. Consequently, altcoins like RLUSD are expected to see increased usage in payment systems, institutional trade, and bond tokenization.
