Ripple's RLUSD market cap tops $2 billion, nearly $1 b on XRP Ledger

Ripple’s dollar‑backed stablecoin RLUSD reached a market capitalization of roughly $2.02 billion, according to data from RWA.xyz. The milestone was announced by Ripple on X on August 25, 2026.

Supply distribution across blockchains

About $962.8 million of RLUSD circulates on the XRP Ledger, while approximately $1.05 billion is issued on Ethereum. The two networks together account for nearly the entire RLUSD supply, with less than $90 million separating them.

Transfer activity

In the 30 days prior to the report, RLUSD transfers totaled $11.81 billion across 1.39 million transactions.

Reserve backing

Each RLUSD token is intended to maintain a $1 value, backed by cash and permitted cash equivalents held in segregated accounts. The reserves include short‑term U.S. Treasury bills, government money‑market funds, overnight reverse repurchase agreements, and bank deposits. Deloitte performs monthly attestations of these reserves.

Growth and adoption

Since its launch in December 2024, RLUSD’s market cap has grown eightfold. In April 2025 the stablecoin’s market cap was near $250 million. Ripple has integrated RLUSD into its payments platform for cross‑border transactions, treasury operations, and institutional settlement.

Institutional initiatives on the XRP Ledger

Ripple is developing an institutional RLUSD lending framework with Clearpool and Cicada Partners. The proposal depends on approval of the XLS‑65 Single Asset Vaults and XLS‑66 Lending Protocol amendments before mainnet deployment.

Issuance and redemption tools

In July, Ripple launched Ripple Mint, a unified issuance and redemption platform that allows eligible institutions to mint, redeem, bridge, and monitor RLUSD via web interface or APIs.

Expanded reach

Recent developments include support for Mastercard settlements, availability in Japan and Turkey, integration with Bitso, and a partnership with Flutterwave to target African payment corridors.