RLUSD market cap surpasses $2B with nearly $1B issued on XRP Ledger

Ripple’s dollar-pegged stablecoin RLUSD crossed the $2 billion market cap threshold during the week of August 18-22, putting it among the fastest-growing regulated stablecoins in crypto. Nearly half of that supply, roughly $988 million, lives on the XRP Ledger.

The total circulating supply sits at approximately 2.07 to 2.09 billion tokens, split between the XRP Ledger and Ethereum.

XRP Ledger becomes a stablecoin hub

RLUSD now accounts for over 90% of all stablecoin supply on the XRP Ledger. That level of dominance has pushed the ledger’s total stablecoin supply past $1 billion, a milestone that carries competitive significance: it means the XRP Ledger has now surpassed Stellar in total stablecoin supply.

By issuing on both XRP Ledger and Ethereum, Ripple gives RLUSD access to Ethereum’s massive DeFi ecosystem while leveraging the XRP Ledger’s faster settlement times and lower transaction costs.

The compliance card

RLUSD operates under a New York Department of Financial Services trust company charter. The token is fully backed 1:1 by US dollar deposits and cash equivalents, with monthly attestations from an independent CPA.

Ripple is also reportedly exploring additional federal oversight. The GENIUS Act, which is expected to shape stablecoin oversight when it takes effect in 2027, will likely impose stricter requirements on reserve transparency, issuer licensing, and consumer protections.

Ripple has positioned RLUSD primarily for payments and liquidity management rather than retail trading, designing the token for treasury operations, cross-border settlement, and as a bridge asset in institutional workflows.

Where RLUSD fits in the broader stablecoin race

RLUSD went from zero to $2 billion in under two years while operating under one of the strictest regulatory frameworks available to a stablecoin issuer.

For the XRP Ledger ecosystem specifically, when one token represents over 90% of stablecoin supply, the health of that ecosystem becomes tightly coupled to the fortunes of a single issuer.

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