RLUSD Supply Nears $2.5B as XRPL Stablecoins Rise Today

RLUSD circulation approaches $2.5 billion as XRPL stablecoin balances climb

Ripple’s dollar-pegged token RLUSD is closing in on a circulating supply valued at roughly $2.5 billion, according to market trackers — a sign of growing stablecoin issuance across the XRP Ledger (XRPL) and other networks. The rise in RLUSD supply is driving most of the increase in the market value reported for XRPL stablecoins, even as the token itself continues to trade near its $1 peg.

Key figures at a glance

• CoinMarketCap estimates RLUSD’s circulating supply at about 2.49 billion tokens, translating to an aggregate market value near $2.5 billion.
• Data for stablecoins on the XRP Ledger from DeFiLlama shows the ledger’s total stablecoin holdings at roughly $1.19 billion, up about 6% in the last seven days and 11% over 30 days.
• Of XRPL’s tracked stablecoin supply, RLUSD accounts for more than 92%, or around $1.10 billion on the ledger itself.

Supply growth driven by multi-network issuance

RLUSD was launched by Ripple in December 2024 and is issued across multiple blockchains, including the XRPL and Ethereum, among others. That multi-network issuance means the token’s total circulating supply exceeds the amount physically held on any single ledger. When RLUSD passed the $2 billion market value mark in August, trackers showed about $1.05 billion on Ethereum and roughly $963 million on XRPL. Current readings suggest additional issuance on XRPL has pushed its share to about $1.10 billion, while significant amounts remain on other supported networks.

This distinction matters: RLUSD’s total circulating supply aggregates tokens across ledgers, while XRPL stablecoin totals reflect only the dollar assets moving on Ripple’s native ledger. Market-value movements tied to supply growth are therefore primarily a product of more tokens being minted and distributed across networks rather than a change in RLUSD’s peg, which remains close to $1.

What drives institutional RLUSD issuance?

Ripple has specifically positioned RLUSD for payments, treasury management and institutional liquidity needs. In July, Ripple introduced Ripple Mint — an API and interface enabling eligible institutional clients to mint and redeem RLUSD directly. The service is designed to integrate stablecoin issuance into corporate treasury flows, payment rails, and custodial workflows, making it easier for enterprises and financial institutions to adopt dollar-denominated tokenized assets.

Ripple has also highlighted potential use cases such as trading collateral, tokenized assets and corporate treasury payments. The company notes that potential institutional clients manage vast payments volumes — Ripple cited an estimate of $13 trillion annually handled by potential treasury clients — though that figure represents the scale of prospective users rather than transactions already settled in RLUSD.

XRPL stablecoin landscape: heavy concentration in RLUSD

DeFiLlama’s ledger-level figures place non-RLUSD stablecoins on XRPL at roughly $90 million after subtracting the approximately $1.10 billion in RLUSD. While tracker snapshots may vary with timing and methodology, the data underlines how dominant RLUSD has become within XRPL stablecoins.

For XRPL users, RLUSD provides a dollar-denominated asset that can move natively on the same ledger as XRP. That simplifies settlement and liquidity management for certain payment and trading workflows, since dollar tokens can circulate on XRPL alongside XRP, which remains the ledger’s native currency primarily used for transaction fees and liquidity bridging.

Implications for XRP holders and ledger activity

Growing RLUSD balances on XRPL can increase on-ledger activity — more payment rails, trading pairs and custody events — but the presence of RLUSD does not imply automatic demand for XRP. Holders of the stablecoin are not required to buy or hold XRP; RLUSD serves distinct economic functions. Nonetheless, increased usage of stablecoins on XRPL could lead to higher transaction volumes, new institutional flows, and broader ecosystem development that indirectly benefits the ledger’s utility.

A September analysis of XRP and RLUSD trends highlighted these divergent usage and price dynamics as RLUSD supply climbed past $2.3 billion earlier this year.

Reserve backing, oversight and transparency

RLUSD is issued in the U.S. by Standard Custody & Trust Company, a Ripple subsidiary chartered as a limited-purpose trust company by the New York State Department of Financial Services (NYDFS). Ripple states that RLUSD is backed by cash and permitted cash equivalents held in segregated reserve accounts, and the issuer provides monthly third-party attestations to verify those reserves. These attestations report reserve balances and token circulation as of a specific date, while market trackers refresh supply estimates more frequently.

In 2025 Ripple selected Bank of New York (BNY) as the primary custodian for RLUSD reserves. However, Ripple’s terms clarify that RLUSD is not an insured bank deposit; U.S. holders therefore rely on issuer redemption rights and applicable oversight rather than Federal Deposit Insurance Corporation (FDIC) coverage.

Regulatory context: Fed proposed rules and the GENIUS Act

On Sep. 24, the U.S. Federal Reserve released two proposed rules designed to implement portions of the GENIUS Act related to payment stablecoin issuance. The proposed rules address permitted reserve assets, capital and risk controls, and application requirements for banks that want to issue payment stablecoins through subsidiaries. Public comments on the proposals will be open for 60 days after they appear in the Federal Register. These developments signal growing regulatory focus on stablecoin reserve standards and governance, which could influence institutional demand for supervised tokens like RLUSD.

Where RLUSD might head next

Continued growth in RLUSD supply and on-ledger balances will likely depend on a mix of institutional adoption, integrations with treasury systems, and wider acceptance as a settlement instrument. Ripple’s ecosystem moves — such as integrations with liquidity providers, custodians and credit markets — could spur further issuance and use. For example, the company has joined efforts to build institutional credit products denominated in RLUSD, although those initiatives are often in early stages when announced and may evolve over time.

For market participants and crypto observers, the key metrics to watch are aggregated and ledger-specific circulating supply, reserve attestations, and adoption indicators such as trading liquidity, on-chain transfers, and institutional mint/redemption activity through services like Ripple Mint.

Bottom line

RLUSD’s circulating supply nearing $2.5 billion reflects rising institutional-focused stablecoin issuance and stronger activity on XRPL. While the token’s market value has grown as more units were issued across networks, its peg remains intact. Ongoing regulatory developments, custody arrangements and institutional integrations will be critical to RLUSD’s trajectory and the role of dollar stablecoins on the XRP Ledger.