Ripple's RLUSD stablecoin reached a $2.02 billion market capitalization as of August 25, 2026, with nearly $1 billion of the total supply issued on the XRP Ledger, according to the company's announcement. The remaining supply of approximately $1.05 billion is held on Ethereum.
RLUSD launched in 2023 as a stablecoin backed by fiat reserves and short-term government securities. The token is issued by Ripple's subsidiary Ripple USA and is designed to bridge traditional finance and blockchain-based settlement. The project targets both institutional and retail use cases, with particular emphasis on cross-border payment corridors where Ripple operates.
The stablecoin has grown from minimal supply in its early months to this $2 billion milestone across two major blockchain networks. Growth has accelerated through 2026 as institutional interest in blockchain-based settlement infrastructure increased. The issuance split between XRP Ledger and Ethereum reflects Ripple's strategy to deploy RLUSD across multiple networks rather than confining it to its own ledger.
XRP Ledger adoption has been a focus for Ripple's wider business efforts. The company operates the ledger as an open-source project and has positioned RLUSD issuance as a core use case for the network. The $963 million in RLUSD on XRP Ledger is the single largest stablecoin holding on that network.
Ripple competes in a crowded stablecoin market dominated by Tether and Circle's USDC. Combined, those two issuers control over $160 billion in total supply across all blockchains. RLUSD's $2 billion total places it outside the top 10 stablecoins by market cap, though its growth rate has outpaced several larger competitors over the past 12 months.
The company has emphasized RLUSD's role in its On-Demand Liquidity service, which facilitates cross-border payments using blockchain settlement. ODL corridors in emerging markets have become Ripple's primary revenue driver since 2022, and RLUSD issuance on payment-focused networks could expand liquidity pools available in those corridors.
Ripple issues RLUSD directly and has not announced plans to allow third-party issuers, a model Circle permits for USDC. The decision to centralize issuance keeps Ripple as the sole controller of supply and the arbiter of reserve adequacy claims. Both USDC and Tether disclose holdings reports; Ripple has published reserve attestations through third-party auditors but does not release ongoing monthly proof-of-reserve data.
RLUSD's growth to $2 billion in nine months represents acceleration from its prior pace. Institutional adoption has grown as larger financial institutions tested stablecoin settlement on public blockchains. Whether RLUSD gains material share in payment corridors where Ripple operates will determine whether the issuance continues expanding or stabilizes at a smaller scale than competitors.
