Ripple's regulated USD-backed stablecoin, RLUSD, has achieved a significant milestone by surpassing $1 billion in market capitalization in November 2025, following its full operational rollout after a late 2024 debut. This positions RLUSD as one of the largest USD-backed stablecoins, trailing only giants like Tether (USDT), Circle's USDC, and PayPal's PYUSD.
The stablecoin's growth is attributed to its strategic focus on enterprise adoption, regulatory compliance, and real-world utility rather than retail speculation. RLUSD is designed as "financial plumbing" for payments, settlement, and institutional use, emphasizing legal clarity, predictable settlement, and compliance—features critical for banks and fintechs.
Key partnerships have been instrumental in RLUSD's expansion. Ripple has collaborated with Africa-based exchanges and fintech platforms including Yellow Card, VALR, and Chipper Cash to increase utility in emerging markets, where stablecoins serve as essential tools for dollar access, FX stability, and fast cross-border settlements. Additionally, Ripple has integrated RLUSD into traditional finance workflows through pilots with Mastercard and WebBank for fiat settlement on the XRP Ledger.
BNY Mellon has been selected to custody RLUSD's reserves, enhancing its credibility among institutions. The token has also been listed on a slew of major exchanges, broadening its accessibility.
In contrast, Ripple's native token XRP has underperformed in 2025, down 11% year-to-date. After a South Korea-driven rally to a new all-time high in July, XRP experienced a sharp sell-off, with bearish trends persisting through the second half of the year, marked by lower highs and lower lows.
Analysts suggest RLUSD could become Ripple's most important product by focusing on solving real-world financial infrastructure problems, particularly in regions with limited dollar access, rather than chasing speculative crypto cycles.
