Highlights
- RLUSD supply issued directly on the XRP Ledger has crossed $1 billion for the first time.
- Total RLUSD circulation across all chains now stands at roughly $2.27 billion, with $1.24 billion on Ethereum.
- RLUSD now accounts for the large majority of stablecoin supply native to the XRP Ledger.
- The milestone comes alongside the XRP Ledger passing 5 billion total transactions in its 14-year history.
- RLUSD reached the threshold in under two years since its December 2024 launch under a New York trust charter.
RLUSD, Ripple's dollar-pegged stablecoin, has crossed $1 billion in supply issued directly on the XRP Ledger for the first time. Whale Insider flagged the milestone on X, and the underlying figures put XRPL-native RLUSD supply at roughly $1.02 billion as of late August, out of total RLUSD circulation of about $2.27 billion across all chains — the remainder, roughly $1.24 billion, is issued on Ethereum.
RLUSD launched in December 2024 under a New York Department of Financial Services trust charter, and reaching a $1 billion XRPL footprint in under two years marks a rapid scale-up for a stablecoin that entered a market long dominated by Tether's USDT and Circle's USDC. Minting activity has been brisk around the milestone, with tens of millions of dollars in new RLUSD issued and burned daily as market makers rebalance supply. RLUSD's XRPL share now represents the bulk of all stablecoin supply native to the ledger, pushing total XRPL stablecoin supply past the $1 billion mark and ahead of Stellar's stablecoin holdings in the process.
Why the Milestone Matters for XRPL
The timing matters for XRP Ledger's broader positioning as a settlement rail: a fast-growing, natively issued stablecoin gives XRPL-based payment and DeFi applications a deeper pool of on-chain dollar liquidity to route through, rather than relying on wrapped or bridged assets from other chains. It also arrives alongside other XRPL infrastructure milestones — the ledger recently passed 5 billion cumulative transactions in its 14-year history, and asset manager Evernorth's SEC registration went effective with an initial reserve of 473 million XRP — signaling a broader push to position XRPL as institutional-grade settlement infrastructure rather than just a trading venue for XRP itself.
Related: Trading App FOMO to Back Circle's Arc Chain From Mainnet Day One
What to Watch Next
The next threshold to watch is whether RLUSD's XRPL supply can close the gap with its $1.24 billion Ethereum footprint, which would signal XRPL becoming RLUSD's primary settlement venue rather than a secondary one. Continued minting velocity in the weeks ahead, plus any additional exchange or institutional listings, will determine how quickly that gap narrows.
FAQ
What is RLUSD?
RLUSD is Ripple's dollar-pegged stablecoin, launched in December 2024 under a New York Department of Financial Services trust charter.
How much RLUSD is now on the XRP Ledger?
RLUSD supply issued directly on the XRP Ledger has crossed $1 billion, part of roughly $2.27 billion in total RLUSD circulation across all chains.
How does RLUSD compare to USDT and USDC?
RLUSD is far smaller in total scale than Tether's USDT or Circle's USDC, but its XRPL-native share now represents the bulk of all stablecoin supply issued on that ledger.
Where else is RLUSD issued besides the XRP Ledger?
RLUSD is also issued on Ethereum, where its supply stands at roughly $1.24 billion, currently larger than its XRPL footprint.
