Ripple's RLUSD stablecoin has reached a market cap of $2.35 billion, narrowing the gap with PayPal's PYUSD stablecoin, which stands at $2.77 billion, according to market data trackers.
RLUSD has grown substantially since its launch in 2023. The stablecoin operates on multiple blockchains including XRP Ledger, Ethereum, and Solana, giving it broader accessibility than some competitors. PYUSD, PayPal's USD-backed stablecoin launched in August 2023, remains larger but the gap between the two has compressed as RLUSD adoption accelerates.
Circle's USDC holds a market cap of approximately $34 billion, while Tether's USDT dominates at roughly $120 billion. Ripple's entry into stablecoins represents the company's expansion beyond its XRP token and cross-border payment infrastructure, which has faced regulatory scrutiny over whether XRP qualifies as a security.
RLUSD trades on major exchanges including Coinbase and is tracked across blockchain networks via on-chain dashboards. The stablecoin is redeemable 1:1 for US dollars held in trust, a standard mechanism in the stablecoin sector.
PayPal has integrated PYUSD into its consumer payments platform. Ripple has focused on enterprise and institutional adoption through its ODL (On-Demand Liquidity) network, which serves financial institutions and remittance corridors. RLUSD operates across different blockchain ecosystems rather than concentrating on a single network.
RLUSD's $2.35 billion market cap is 85 percent of PYUSD's $2.77 billion. The speed of RLUSD's growth indicates demand for stablecoin alternatives to the USDC and USDT duopoly. Whether RLUSD continues to gain on PYUSD depends on whether financial institutions adopt it faster than PayPal acquires new PYUSD users through its existing payment base.
