Ripple's RLUSD Tops PayPal USD at $2.71 Billion on XRP Ledger

RLUSD Reaches $2.71 Billion in Under Two Years

Ripple's dollar-backed stablecoin RLUSD has overtaken PayPal USD (PYUSD) in market cap, with aggregate market data showing RLUSD at roughly $2.71 billion against about $2.69 billion for PayPal's token. The crossover, recorded on Thursday, hands RLUSD a place among the leading US dollar stablecoins and ends PYUSD's spell as the larger of the two. RLUSD is a fully reserved, dollar-denominated token issued by Ripple, with settlement running natively on the XRP Ledger and, after later expansion, on Ethereum as well. Ripple put the stablecoin into formal circulation in December 2024, so the asset needed less than two years to reach a scale that incumbents took far longer to build. A stablecoin's market cap moves only when new tokens are issued against reserves, so the flip reflects faster net issuance on RLUSD's side rather than any price effect. Rankings in this sector carry weight because issuance maps directly to real payment and settlement activity. Distribution now covers individual accounts and professional desks across several major venues, which has compounded issuance month after month. The climb has been sharp in percentage terms as well, and recent stablecoin growth added meaningful supply on top of an already expanding base. The expansion has tracked a steady run of institutional partnerships and exchange integrations announced since the autumn, widening where retail and institutional users can hold and move the token. The XRP ecosystem's stablecoin push is the clearest commercial expression of Ripple's plan to turn its ledger into a settlement layer for regulated money. For now the token itself has not followed: the XRP price trades near $1.04, about 2.3% lower over the past 24 hours and inside a daily downtrend, leaving the milestone a ledger adoption story rather than a market move.

Coinbase, BNY and Standard Chartered Back RLUSD

An XRP Ledger validator known as Vet put the milestone in perspective, writing in an X post: “RLUSD is now a Top 5 USD backed stablecoin. On its way to be in Top 3.” Vet, whose role includes verifying transactions and maintaining the ledger's current state, linked RLUSD's ascent to Ripple's long-running work on XRP Ledger infrastructure. He argued that the stablecoin's rising payment volume and heavier use on the ledger could speed up adoption of the blockchain by traditional financial institutions. His broader point is that each integration does double duty: it moves RLUSD, and it pushes institutions to run XRPL infrastructure that can later carry other tokenized assets. He has also noted that RLUSD has opened the door to numerous integrations with banks and crypto exchanges. The institutional buildout behind the numbers is already visible. On Oct. 28, Ripple announced a partnership with Coinbase, one of the largest US crypto exchange operators, to offer RLUSD to retail and institutional users across Coinbase Exchange, Coinbase Prime and its retail trading app. As part of the same arrangement, Coinbase committed to supporting RLUSD across multiple blockchain networks: the XRP Ledger, Ethereum and Base, widening the set of chains on which customers can hold and settle the token. Banking support has deepened in parallel. BNY acts as custodian of RLUSD's reserves, and Ripple's relationship with the bank has continued to strengthen through the autumn. Standard Chartered, meanwhile, launched institutional custody services for RLUSD on the XRP Ledger in October, embedding the token inside a traditional custody framework that institutional treasuries can work with. Interest in the ledger is broadening beyond the stablecoin as well: the network's XLS-66 lending proposal, which targets institutional credit, shows builders want XRPL to carry more than payments.

@Vet_X0 · X post

Writing in an X post.

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The stablecoin headlines land while XRP's own tape stays defensive. Our live monitoring puts the token near $1.04 at press time, 2.3% lower over 24 hours, with a daily RSI of 22 and a bearish MACD reading confirming the downtrend. COINOTAG's composite scoring, detailed in our XRP technical analysis, flags resistance at $1.0784 with a score of 96 out of 100, while support at $0.9784 carries a 68/100 rating. Derivatives positioning leans long anyway: funding runs at a near-neutral 0.0071% and the long/short account ratio stands at 3.79, with 79.1% of accounts long. A Fear and Greed reading of 28 keeps sentiment inside bear market territory, and the broader Altcoin segment offered no lift. Until price reclaims $1.0784, RLUSD's growth remains a ledger story more than a token story.