RLUSD Crosses the $2 Billion Milestone as XRP Ledger Supply Nears $1 Billion
- Mathew Jacob
- 1 minute ago
- 2 min read
Ripple’s RLUSD stablecoin has surpassed a major milestone, crossing $2 billion in market capitalization less than two years after its launch in December 2024. Ripple confirmed that RLUSD crossed the threshold in August, highlighting the rapid expansion of its dollar-backed stablecoin ecosystem.
A significant portion of that growth is taking place on the XRP Ledger (XRPL). Ripple reported that close to $1 billion worth of RLUSD had been issued on the XRP Ledger when the $2 billion milestone was reached. Data reported around the milestone placed approximately $963 million of RLUSD on XRPL, while roughly $1.1 billion was issued on Ethereum.
The growth is particularly notable because RLUSD is designed to maintain a value of approximately $1 per token. That means the rise above $2 billion in market capitalization primarily reflects an increase in circulating supply rather than a price surge. The milestone therefore represents expanding issuance and demand for the stablecoin across supported blockchain networks.
RLUSD has also been seeing meaningful on-chain activity. Reports indicate that RLUSD recorded approximately $11.81 billion in transfers over a 30-day period around the time it crossed the $2 billion mark. On the XRP Ledger, the RLUSD/XRP trading pair has also become an important source of activity, showing growing interaction between Ripple’s stablecoin and XRP.
The milestone could have broader implications for the XRP Ledger. As more RLUSD is issued and used on XRPL, the network gains another dollar-denominated asset for payments, trading, liquidity and settlement. However, the growth of RLUSD does not automatically mean XRP's price will rise; its potential impact depends on how extensively the stablecoin is used within the broader XRPL ecosystem.
Ripple has increasingly positioned RLUSD around institutional and real-world financial use cases. The stablecoin is available across multiple networks, including the XRP Ledger and Ethereum, with additional deployments supported across other blockchain environments. This multi-chain strategy allows RLUSD to reach a wider range of users while maintaining a strong presence within the XRP Ledger ecosystem.
With RLUSD now above $2 billion and its XRP Ledger supply approaching $1 billion, attention is likely to shift toward the next phase of adoption. Continued growth in supply, transaction activity and institutional usage could make RLUSD an increasingly important component of Ripple’s broader digital-asset strategy. For the XRP ecosystem, the key question now is whether this stablecoin growth translates into sustained liquidity, payments activity and real-world usage across the XRP Ledger.
