Ripple’s dollar-pegged stablecoin RLUSD has expanded to a circulating supply of about 2.49 billion tokens, pushing its market value close to $2.5 billion as stablecoin activity on the XRP Ledger increased by roughly 6% over the past week.
According to CoinMarketCap, the token’s supply has grown by approximately $490 million since Ripple announced it had crossed the $2 billion market value milestone in late August. Because RLUSD trades near $1, the increase in market value reflects additional issuance rather than price appreciation. DefiLlama data cited in the report indicates that stablecoins on the XRP Ledger now total around $1.19 billion, up 6% in seven days and 11% over 30 days.
RLUSD accounts for $1.10 billion of that XRPL stablecoin supply, more than 92% of the ledger’s tracked dollar tokens. The remaining stablecoins on XRPL amount to roughly $90 million. However, Ripple’s token is issued across several networks, so its total circulating supply is larger than the amount held on the XRP Ledger. In August, Ethereum held slightly more RLUSD than XRPL—about $1.05 billion versus $963 million—but the latest XRPL figure of around $1.10 billion points to further issuance on Ripple’s home ledger, with well over $1 billion still on other supported networks.
Ripple launched RLUSD in December 2024 as a payments-focused, dollar-pegged token, initially on the XRP Ledger and Ethereum before adding other supported networks. Institutional clients can create and redeem RLUSD through Ripple Mint, a service introduced in July with an interface and API for treasury and payment systems. Ripple has also pointed to corporate treasury payments as a possible use case, noting clients handle an estimated $13 trillion annually—though that figure describes potential client payment flows, not settled RLUSD transactions.
In the United States, RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary chartered as a limited-purpose trust company by the New York State Department of Financial Services. Reserves consist of cash and permitted cash equivalents held in segregated accounts, with monthly third-party attestations published by Ripple. BNY was selected in 2025 as the primary custodian for RLUSD reserves. Ripple’s terms clarify that RLUSD is not an insured bank deposit and does not carry FDIC coverage.
Separately, the Federal Reserve released two proposed rules on September 24 to implement parts of the GENIUS Act for payment stablecoin issuers under its supervision and for insured state member banks seeking to issue stablecoins through subsidiaries. The proposals cover permitted reserves, capital, risk controls, and bank applications, with public comments due 60 days after publication in the Federal Register.
For XRP holders, Ripple’s documentation distinguishes the stablecoin from the ledger’s native token. More RLUSD on XRPL can produce additional ledger activity, but it does not require stablecoin holders to buy an equivalent value of XRP, which remains used for network fees and plays a different role.
