RLUSD, Ripple’s dollar-pegged stablecoin, has grown to about 2.49 billion tokens in circulation as the total value of stablecoins on the XRP Ledger increased by around 6% over the past week.
CoinMarketCap data shows RLUSD with a circulating supply of roughly 2.49 billion tokens and a market value close to $2.5 billion. Since RLUSD is designed to stay near $1, the increase mainly reflects more tokens being issued rather than a rise in its price.
Ripple said RLUSD passed the $2 billion market value mark in August. At that time, nearly $1 billion worth of the stablecoin was on the XRP Ledger. The latest total is about $490 million higher, although supply figures can vary depending on when the data is recorded and how tokens across different networks are counted.
The amount held on the XRP Ledger is smaller than the overall supply. DefiLlama data puts the total value of stablecoins on XRPL at around $1.19 billion, up about 6% over seven days and 11% over the past month. RLUSD accounts for roughly $1.10 billion of that amount, meaning it represents more than 92% of the stablecoins tracked on the ledger.
RLUSD was launched by Ripple in December 2024 and was initially issued on the XRP Ledger and Ethereum. The token has since expanded to other supported networks.
When RLUSD crossed $2 billion in August, around $963 million was held on XRPL and about $1.05 billion was on Ethereum. The current XRPL figure of around $1.10 billion shows that more RLUSD has since been issued on Ripple’s own network.
However, the total RLUSD supply and the amount on XRPL should not be treated as the same figure. The total supply includes RLUSD issued across all supported networks, while the XRPL figure only measures tokens held on that specific ledger.
Ripple also offers institutional clients a way to issue and redeem RLUSD through Ripple Mint. The company launched the service in July, providing an interface and API for eligible clients to manage stablecoin operations.
Ripple has said corporate treasury payments could become another use for RLUSD. The company has pointed to potential clients that handle an estimated $13 trillion in annual payments, although that figure represents the broader market opportunity and does not mean those payments are currently being settled through RLUSD.
On the XRP Ledger, RLUSD remains far larger than other stablecoins. Based on the reported figures, other stablecoins on the network account for roughly $90 million after excluding RLUSD.
RLUSD gives XRPL users access to a dollar-denominated asset that can move on the same network as XRP. XRP remains the ledger’s native token and is used to pay transaction fees, while RLUSD serves a different purpose as a stablecoin.
This also means that a larger RLUSD supply does not automatically translate into the same amount of demand for XRP. More RLUSD can increase activity on the XRP Ledger, but users holding the stablecoin do not necessarily need to purchase an equal value of XRP.
Ripple has promoted RLUSD for uses including payments, trading collateral and tokenized assets. The company has also been involved in plans for an institutional credit fund using RLUSD.
In the US, RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary operating as a limited-purpose trust company under the supervision of the New York State Department of Financial Services.
Ripple says RLUSD is backed by cash and permitted cash equivalents held in segregated reserve accounts. The company also publishes monthly third-party reports showing the assets backing the stablecoin.
Ripple selected BNY as the primary custodian for RLUSD reserves in 2025. However, RLUSD is not an FDIC-insured bank deposit, meaning holders do not receive the same federal deposit insurance protection as they would with an insured bank account.
The Federal Reserve also proposed new rules on Sept. 24 related to stablecoin issuers under its supervision and certain insured state member banks. The proposals cover areas including permitted reserves, capital requirements, risk controls and applications for payment stablecoin issuance. Public comments will be accepted for 60 days after the proposals are published in the Federal Register.
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