Ripple's RLUSD Hits $2B Market Cap, Boosting XRP

Ripple's dollar-backed stablecoin RLUSD — a fiat-collateralized token rather than an algorithmic stablecoin — has crossed the $2 billion market capitalization mark, reaching a fresh all-time high of $2.035 billion for the asset's market cap, according to market data as of Aug. 21. The product, live since December 2024, has quickly become one of the fastest-growing regulated stablecoins and has cut its gap with PayPal USD to under $1 billion; PYUSD's market capitalization is about $2.87 billion. RLUSD now ranks among the largest stablecoins, trailing Tether's USDT, Circle's USDC, Maker's USDS, Dai, Ethena's USDe and PayPal USD. USDT holds a market capitalization near $183 billion, USDC is around $73 billion, USDS is roughly $9.7 billion, Dai is about $4.5 billion and USDe stands above $4 billion. Those comparisons show how much headroom remains before RLUSD can approach the dominant dollar-pegged issuers, yet the speed of its climb has already made it one of the most closely watched stablecoin launches. Multiple issuance rounds from the RLUSD Treasury over the past day have supported this expansion, and each round adds fresh liquidity to the ecosystem. RLUSD's supply on the XRP Ledger is approaching $1 billion, with new issuance adding liquidity to the ecosystem. Earlier in RLUSD's history, Ethereum was the dominant network for the token; on-chain data now points to the XRP Ledger as an increasingly important venue for RLUSD issuance and settlement. Ripple's stablecoin now sits only about $835 million behind PayPal USD, a lead that has shrunk rapidly as RLUSD issuance has accelerated. For a product that has been live for less than two years, reaching the upper tier of the stablecoin market is a fast rise, and the pace of new supply suggests Ripple intends to use RLUSD as a core building block for its payments infrastructure.

Behind that headline figure, the supply mechanics are shifting toward Ripple's own network. In the last 24 hours, the RLUSD Treasury has completed multiple issuances: 40 million, 25 million, 20 million, 19 million, 14 million and 12 million RLUSD tokens. Those transactions add fresh liquidity and extend a supply expansion that has been underway since the token's December 2024 launch. The XRP Ledger has captured a meaningful share of that growth, with RLUSD supply on the chain approaching $1 billion. More importantly, the direction of new supply matters as much as the total volume; RLUSD's earlier growth was concentrated on Ethereum, and the recent XRP Ledger numbers represent a visible change in that mix. The shift is significant because Ethereum was previously the dominant venue for the stablecoin; the growing XRP Ledger share suggests Ripple is aligning RLUSD more closely with the ledger that underpins XRP, the network's native altcoin. Ripple, a financial technology company known for cross-border payment solutions and digital asset infrastructure, positions RLUSD as its US dollar-backed, regulated stablecoin product and has made the token a central part of its broader payments offering. Ripple has positioned RLUSD as a bridge between fiat settlement and digital asset infrastructure, and the treasury operations are the practical tool for scaling that bridge. The latest issuance wave does more than increase total supply; it signals an attempt to turn RLUSD into a durable competitor in the dollar-pegged market. With PayPal USD holding a market cap of roughly $2.87 billion, RLUSD's $2.035 billion leaves a gap of less than $1 billion. RLUSD is not the largest stablecoin, but its growth rate is now the main variable for those watching the regulated dollar-pegged segment. On-chain data shows token creation has accelerated, and the clearest beneficiary is the XRP Ledger, where RLUSD supply is on track to pass the $1 billion mark if issuance continues at the current pace.

Taken together, the market-cap milestone and the minting wave point to one strategy: Ripple is making the XRP Ledger the center of a regulated stablecoin economy. Treasury issuance records and on-chain supply data — the most direct sources — show RLUSD supply growing quickly, much of it on Ripple's own ledger, with the gap to PayPal USD now below $1 billion. Freshly minted RLUSD can be routed into automated market maker pools, deepening on-ledger liquidity. Market data we track also shows XRP up about 14.5% in the last 24 hours. If issuance continues, RLUSD is positioned to keep pressure on PayPal's PYUSD.