RLUSD Market Cap Tops $2B; $962.8M on XRP Ledger
RLUSD reached about $2.02 billion market cap on Aug. 25, with $962.8 million issued on the XRP Ledger and $1.05 billion on Ethereum.
RLUSD, Ripple’s dollar-backed stablecoin, reached approximately $2.02 billion in market capitalization on Aug. 25. About $962.8 million of the supply is issued on the XRP Ledger and roughly $1.05 billion is issued on Ethereum.
Ripple posted on X that RLUSD crossed the $2 billion threshold and noted the near-$1 billion issuance on the XRP Ledger. The token launched in December 2024 and is issued natively on multiple blockchains rather than being minted on one chain and bridged to others.
Each RLUSD token is backed by reserves held in segregated accounts. Those reserves include short-term U.S. Treasury bills, government money market funds, overnight reverse repurchase agreements and bank deposits. Ripple’s documentation states Deloitte conducts monthly reserve attestations.
On-chain activity has grown as issuance expanded. Over the 30 days before the market-cap snapshot, RLUSD transfers totaled $11.81 billion across 1.39 million transfers. From launch through late June, trading pairs involving RLUSD processed more than $2.5 billion, with the RLUSD–XRP pair generating about $900 million in the previous six months and representing nearly 90% of RLUSD trading on the XRP Ledger.
The two chains now carry nearly equal shares of RLUSD supply, with under $90 million separating the Ethereum and XRP Ledger balances. Because Ripple issues the token natively on each network, those two balances account for most of the circulating supply.
Ripple introduced Ripple Mint in July, a platform that lets eligible institutions mint and redeem RLUSD, move balances between networks, monitor holdings and track transactions through a web interface or APIs. The platform includes automated notifications for issuance and redemption events.
Institutional use cases are in development. Ripple is backing a lending initiative with Clearpool and Cicada Partners that would enable institutional credit using RLUSD on the XRP Ledger. The system is being built on the network’s Devnet and requires validator approval of two proposed amendments, XLS-65 (Single Asset Vaults) and XLS-66 (Lending Protocol), before a mainnet launch.
Ripple has expanded RLUSD’s market access through payments integrations, exchange listings and regional distribution agreements. Recent developments include support for Mastercard settlement, availability in Japan and Turkey, integration with the Bitso exchange and partnerships tied to African payment corridors.
The transfer total measures on-chain movement of tokens and does not represent payments, revenue or net inflows. The market-cap figure reflects circulating value and does not equal the total size of the reserve pool.
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