Ripple's RLUSD stablecoin has contracted to $1.53 billion in total supply, down from a peak of approximately $1.76 billion earlier this year, according to available supply data.
The decline marks a shift in RLUSD's position within the stablecoin rankings. The asset now ranks ninth by market capitalization, behind newer entrants including PayPal's PYUSD and World Liberty Financial's USD1. RLUSD launched in 2023 as Ripple's native stablecoin offering, designed to settle on the XRP Ledger and other blockchains.
Ripple has positioned RLUSD as infrastructure for institutional payments and cross-border settlement. The stablecoin's supply trajectory reflects broader competition in a stablecoin market where USD Coin, Tether, and Dai maintain the largest shares. The contraction comes as alternative stablecoin issuers, including traditional finance firms, have entered the space.
Ripple has not announced plans to reverse the supply contraction or expand RLUSD's use cases. The company continues to pursue regulatory clarity for its XRP holdings and payment products in multiple jurisdictions.
