The supply of the stablecoin RLUSD from Ripple has reached $2.49 billion, while the stablecoin capitalization on the XRP Ledger network has grown by approximately 6% over the week.
According to CoinMarketCap, approximately 2.49 billion RLUSD tokens are in circulation, and its market capitalization is about $2.5 billion. The stablecoin's price is close to $1, so the growth in market value is mainly driven by the increase in the number of tokens in circulation rather than a rise in its price.
Ripple reported that at the end of August, the market capitalization of RLUSD exceeded $2 billion. According to the company, at that time about $1 billion worth of tokens had been issued on the XRP Ledger platform. The latest data shows that the volume of tokens in circulation exceeds this figure by about $490 million, although tracker readings may vary depending on the timing of the snapshot and the method of counting tokens across different networks.
Data from XRPL indicates a smaller pool size. According to DefiLlama data cited in the original report, the total amount of stablecoins is approximately $1.19 billion, which is about 6% more than seven days ago and 11% more than 30 days ago. About $1.10 billion of this amount is in RLUSD, which accounts for more than 92% of the total tracked stablecoins on the network.
The supply of RLUSD has exceeded the August milestone
Ripple launched RLUSD in December 2024 as a dollar-pegged token for payments and other financial transactions. The company initially issued it on the XRP Ledger and Ethereum networks, and has since listed other supported networks in its documentation.
When RLUSD crossed the $2 billion mark in August, Ethereum held slightly more tokens than XRPL. According to on-chain data, XRPL accounted for about $963 million, while Ethereum held $1.05 billion. Ripple estimated the share on this distributed ledger at about $1 billion.
The current amount of XRPL, at about $1.10 billion, indicates further token issuance on Ripple's core network. It also means that more than $1 billion of the roughly $2.49 billion remains on other supported networks. These figures should be considered separately: the total number of tokens in circulation for RLUSD counts the token regardless of where it was issued, while the total number of XRPL tokens in the stablecoin counts dollar tokens on the respective network.
Institutional clients have direct access to token creation and redemption through Ripple Mint. Ripple launched this service in July, providing an interface and API for eligible clients, allowing them to manage RLUSD operations. The company positions this as a way to integrate stablecoin issuance into existing treasury and payment systems.
Ripple has also identified corporate treasury payments as a possible use case for RLUSD. In September, the company stated that, according to earlier publications, clients process payments of about $13 trillion annually. This figure describes payments processed by potential clients; it does not reflect the number of transactions already completed in RLUSD.
Stablecoins on XRP Ledger remain concentrated in RLUSD
According to DefiLlama, the total amount on XRPL, minus the reported $1.10 billion in RLUSD, is approximately $90 million, which corresponds to other stablecoins on the network. This estimate depends on when each tracker's readings were taken, but it shows the size of Ripple's token relative to other dollar assets on the ledger.
For users of XRPL, RLUSD provides an asset denominated in U.S. dollars that can move across the same ledger as XRP. Ripple's documentation states that the stablecoin can be exchanged for U.S. dollars in accordance with the issuer's terms. XRP serves a different role as the ledger's native token and is used to pay network fees.
The difference matters when assessing what the new supply means for holders of XRP. An increase in the amount of RLUSD on XRPL may lead to additional activity on the ledger, but it does not require stablecoin holders to purchase an equivalent amount of XRP. The September report on XRP examined the separate price and usage trends of the two assets as the volume of RLUSD exceeded $2.3 billion.
Ripple has described use cases for RLUSD, including payments, collateralizing trading operations, and tokenized assets. In August, it joined Clearpool and Cicada in a planned creation of an institutional credit fund denominated in RLUSD. The proposed credit fund was in development at the time of the announcement, and its planned size was not disclosed.
Read also:
