Highlights
- Ripple's RLUSD stablecoin has crossed a $2.02 billion market cap, up roughly 31% over the past 30 days.
- Supply is split almost evenly between the XRP Ledger ($962.8 million) and Ethereum ($1.05 billion).
- RLUSD went from zero to $2 billion in under two years since its December 2024 launch.
- Over $11.8 billion in RLUSD moved across 1.39 million transactions in the past 30 days.
- Reserves are held in short-term Treasury bills, government money market funds, overnight reverse repos, and bank deposits.
Ripple's dollar-pegged stablecoin RLUSD has crossed the $2 billion market cap threshold, according to PANews, which cited CoinDesk reporting on the milestone. The token's supply now sits at roughly $2.02 billion, up about 31% over the past 30 days, with just under $963 million issued natively on the XRP Ledger and about $1.05 billion issued on Ethereum — a near-even split that Bitcoin.com News reported leaves less than $90 million separating the two chains.
Two Years From Zero to $2 Billion
RLUSD launched in December 2024, which puts its climb to $2 billion in market cap at under two years — a pace that stands out given Ripple issues the token natively on each chain rather than bridging a single pool from one network to the other. That structural choice means the XRP Ledger and Ethereum balances together account for nearly all of RLUSD's circulating supply, rather than one chain holding a wrapped or bridged version of the other's tokens. Activity has scaled alongside supply: over the trailing 30 days, RLUSD saw $11.81 billion in transfers spread across 1.39 million transactions, indicating the token is being used for active settlement rather than sitting idle in wallets.
A Conservative Reserve Model
Each RLUSD token is backed by reserves held in segregated accounts made up of short-term US Treasury bills, government money market funds, overnight reverse repurchase agreements, and bank deposits — a composition similar to the reserve models used by the largest dollar stablecoins. Ripple has built RLUSD under what several outlets have described as one of the strictest regulatory frameworks available to a stablecoin issuer, a positioning that appears designed to appeal to institutional counterparties wary of the regulatory ambiguity that has periodically dogged larger competitors.
Where RLUSD Fits in a Crowded Market
RLUSD's growth arrives as Circle's USDC continues to post its own outsized minting days on chains like Solana, underscoring how much capital is still flowing into regulated, dollar-backed stablecoins even as the total stablecoin market has matured well past its early growth phase. At $2 billion, RLUSD remains a fraction of the size of the two largest stablecoins by market cap, but its near-even XRP Ledger and Ethereum split gives Ripple exposure to both its home chain's payment use cases and Ethereum's deeper DeFi liquidity.
Related: Circle Mints $1 Billion USDC in 24 Hours on Solana Rails
What to Watch Next
The next signal worth tracking is whether RLUSD's issuance balance between the two chains stays roughly even as supply grows, or whether one network pulls ahead — a shift that would say something about whether RLUSD's growth is being driven more by XRP Ledger-native payment activity or by Ethereum DeFi integrations.
