Ripple has emerged as the top stablecoin market capitalization grower over the 30 days ending November 12, 2026, adding $258.2 million according to Token Terminal. The increase placed Ripple ahead of Open Standard, which recorded $165.1 million in growth, and Ethena, which added $78 million.
The growth was driven primarily by Ripple USD (RLUSD), the company’s U.S. dollar-backed stablecoin launched on December 17, 2024. RLUSD operates on both the XRP Ledger and Ethereum, providing a dollar-pegged alternative for digital payments, crypto trading, and institutional transactions. Market reports from November 9, 2026 placed RLUSD’s circulating supply between $2.5 billion and $2.6 billion, with roughly $1.72 billion on Ethereum and $850–870 million on the XRP Ledger.
Token Terminal’s monthly ranking showed a $93.1 million gap between Ripple and second-place Open Standard. Ripple’s monthly increase exceeded Ethena’s by more than $180 million, despite Ethena briefly holding the top spot in a 24-hour growth window earlier in November. The expansion came amid persistent XRP price volatility and broader cryptocurrency market weakness.
Context from the third quarter further highlights Ripple’s stablecoin momentum. Ripple added $765.3 million in stablecoin capitalization in Q3 2026, finishing second only to Circle, while the global stablecoin market reached $300.9 billion. RWA Foundation data also recorded 23,600 new RLUSD holders during the quarter. Since the start of 2026, RLUSD’s market capitalization has grown more than 88% from approximately $1.28 billion. On-chain data also showed single-day XRP Ledger mints above $110 million, which observers linked to institutional activity.
