Ripple's RLUSD tops $1B market cap, enters top 10 stablecoins
Ripple’s U.S. dollar–pegged token RLUSD crossed $1 billion in market capitalization on Monday and now ranks 10th among dollar stablecoins by market value, according to CoinGecko.
The token moved past $900 million earlier in October and has posted year-to-date market cap growth of about 1,200%, with roughly $174 million in daily trading volume. RLUSD remains far smaller than the two largest dollar stablecoins: Tether’s USDT at about $183 billion and Circle’s USDC near $75 billion.
RLUSD is issued by Ripple and is designed to maintain a one-to-one peg with the U.S. dollar. It is available on Ethereum and the XRP Ledger. Ethereum-based RLUSD represents about 80% of supply, with the XRP Ledger around 20%.
Initially framed for enterprise use, RLUSD has expanded distribution through integrations with payment on-ramps such as Transak and self-custody wallets, including Xaman.
In an X post on Monday, Ripple wrote, “With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide. This is how we advance the future of finance.”
The company also outlined plans to expand over-the-counter services to include digital asset spot prime brokerage for U.S. markets.
As GNcrypto covered previously, Ripple filed a U.S. trademark for RLUSD on May 7, 2024. In June, CEO Brad Garlinghouse said the token’s infrastructure was nearly ready. After reports of a counterfeit RLUSD on June 18, Ripple developers warned users to avoid it. On June 25, President Monica Long described a 2024 launch and positioned RLUSD as complementary to XRP for dollar settlement and DeFi uses, including lending, borrowing and trading.
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