Ripple's RLUSD Hits Record $2.49 Billion on XRP (XRP) Ledger Push

RLUSD Supply Closes In on PYUSD

Ripple's RLUSD stablecoin added $82.1 million of supply in a single day, pushing its circulating cap to a record $2.49 billion and narrowing the gap to PayPal's PYUSD to roughly $248 million. Data from DefiLlama traces the surge to Sept. 26, when RLUSD's supply climbed from $2.409 billion to $2.491 billion — a level it has held since. PYUSD, by contrast, topped out at $2.779 billion the same day before retreating $40 million to $2.739 billion as of Sept. 28. The trajectories could hardly be more different: RLUSD has gained 86% since Jan. 1, rising from a starting market cap of $1.336 billion and crossing the $2 billion mark in late August, while PYUSD has shed 22% this year from $3.531 billion, leaving it down 35% from its March 5 peak of $4.214 billion — roughly $1.5 billion erased. Over the past week RLUSD added $112 million while PYUSD lost $61 million, with most of PayPal's decline concentrated on Arbitrum, where its supply fell from $320 million to $229 million. Daily issuance rankings put the two dollar tokens ahead of the wider market: PYUSD's $82.7 million and RLUSD's $82.1 million outpaced Tether's $69.4 million, Sky's USDS at $37.4 million and Ethena's USDe at $35.9 million. RLUSD's growth rests on a fully-reserved design rather than an algorithmic stablecoin model, and the token had already printed a prior all-time high of $2.44 billion on Sept. 14 before this latest leg higher. Its footprint remains modest against the $306 billion stablecoin market, still dominated by Tether and USDC at $75.3 billion.

XRP Ledger Share Reverses as Macro Week Looms

Where new RLUSD lands has defined the stablecoin's year, and the latest weekly window marks a reversal. Between Sept. 21 and Sept. 28, RLUSD on the XRP ledger's settlement network grew from $1.036 billion to $1.099 billion, a $63 million increase, while Ethereum's balance rose $49 million from $1.343 billion to $1.392 billion. The XRP Ledger now holds roughly 44% of RLUSD supply against Ethereum's 56% — a sharp swing from mid-September, when Ethereum had captured most new issuance since July and XRPL's share had slid from 58.9% to about 43%. Ripple is working to entrench that balance: in August it partnered with Clearpool and Cicada Partners on an institutional lending market using RLUSD as the credit asset on XRPL, and the stablecoin has since been integrated for direct swaps into tokenized shares of BlackRock's BUIDL and VanEck's VBILL funds. That expanding utility tracks with broader ledger activity — XRP Ledger payments top 1.14 million daily, well above the 30-day average. Price action tells a different story: XRP consolidated near $1.52 earlier in the session and is down about 19% since Jan. 1, underperforming peers like Quant, which ran from the $70 area toward the mid-$300s after The Clearing House picked its architecture for an interbank tokenized-deposit pilot processing more than $2 trillion a day — our XRP market coverage tracks the divergence. With JOLTS due Tuesday, GDP and PCE on Wednesday and nonfarm payrolls Friday, the altcoin market faces a data-heavy stretch, and liquidity thins from Oct. 1 as China and Hong Kong close for holidays. For investors positioning around these levels, our guide on where and how to buy XRP outlines the main venue options. Readers tracking the market in real time can follow live spot and futures prices on Gate.

COINOTAG Composite: $1.4980 Floor in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine places XRP at $1.5006, down 1.31% over 24 hours, with the $1.4980 support rated 93/100 on the confluence of the Bollinger Band middle, SMA 20, Fibo 0.382 and the POC — behind a stronger $1.3964 floor at 96/100 from a flipped resistance node, LVN, Ichimoku Senkou A and Fibo 0.500. Overhead, $1.5365 resistance scores 60/100 (Fibo 0.236, R3, ATR upper) and $1.6021 at 66/100. RSI at 56.93, a bullish MACD and a composite uptrend favor buyers, though funding is flat at -0.0001% while open interest sits at $1.09 billion and a 2.80 long/short account ratio signals crowded longs against a Fear & Greed reading of 74 (Greed). Holding $1.4980 keeps the $1.5365–$1.6021 band in play; a close below $1.3964 invalidates the bullish thesis, with thinner holiday order books raising slippage risk on either move.