Ripple’s RLUSD Stablecoin Surpasses $2 Billion Market Cap

Nearly $1 billion of the circulating supply is currently anchored to the XRP Ledger, while Ethereum maintains a slightly higher concentration, holding roughly $1.05 billion. Because the stablecoin is designed to maintain a strict $1 peg, this growth in market capitalization is a direct result of increased supply rather than market-driven price appreciation. Ripple has since expanded the asset’s availability to include networks like Base, Ink, Optimism, and the XRPL EVM sidechain, though the XRP Ledger and Ethereum remain the primary hubs for liquidity.

Standard Custody & Trust Company, a subsidiary of Ripple, manages the issuance under the regulatory oversight of the New York State Department of Financial Services. Reserves are held in segregated accounts consisting of U.S. Treasury bills, cash, and overnight repurchase agreements. While Ripple publishes monthly attestations via Deloitte to verify these holdings, these reports remain retrospective, leaving a gap between real-time minting and official verification.

Despite the rapid supply growth, the impact on the broader XRP ecosystem remains nuanced. While RLUSD transactions require small amounts of XRP for network fees, the stablecoin does not necessarily correlate with speculative demand for the underlying token. Future adoption will likely hinge on the success of institutional projects, such as the planned RLUSD-denominated credit fund developed alongside Clearpool and Cicada, rather than supply figures alone.