Ripple’s dollar-pegged stablecoin RLUSD has reached a fresh record market capitalization of approximately $2.49 billion, with updated data putting the figure near $2.52 billion. That represents growth of more than 86% since the beginning of 2026, when the circulating supply stood at roughly $1.33 billion.
The supply is split across multiple chains. Around $1.40 billion of RLUSD currently sits on Ethereum, while about $1.12 billion is on the XRP Ledger, meaning roughly 55% lives outside the XRP ecosystem. In the week from September 21 to September 28, Ethereum supply rose by roughly $49 million and XRP Ledger supply rose by about $63 million. Over the past month, XRPL supply grew 7.76% and Ethereum supply grew 6.61%, but over the latest seven days Ethereum led with 3.89% growth versus 1.88% on XRPL.
The gap with PayPal USD is narrowing. PYUSD now has a market capitalization of about $2.73 billion, putting the difference at roughly $248 million. PYUSD began 2026 near $3.531 billion and peaked at $4.214 billion on March 5 before declining around 35%. Over the past week, RLUSD supply rose by approximately $112 million while PYUSD supply fell by about $61 million.
XRP has not followed the same trajectory. It trades near $1.51, up about 2.1% over 24 hours but still around 59% below its July 17, 2025 all-time high of $3.65. Technical levels show resistance near $1.62 and support around $1.27. Ripple says RLUSD is backed one-to-one by segregated cash and cash equivalents, and that XRP is not required to create, hold, or redeem RLUSD. This means RLUSD growth can expand Ripple’s payments reach and reserve income without necessarily benefiting XRP holders.
