Ripple’s RLUSD Explodes Past $2B, Nearly $1B Now Lives on XRP Ledger

Key Takeaways:

• RLUSD hits a $2B market cap, marking rapid growth since its December 2024 launch.
• Nearly $1B of RLUSD is on the XRP Ledger, while Ethereum holds a slightly larger share of the supply.
• Over the course of the last 30 days, $11.81B in transfers was recorded.

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Ripple’s RLUSD, which is its own cryptocurrency, has reached another significant milestone with its market value exceeding $2 billion. The dollar-pegged stablecoin also towers above a $1 billion XRP Ledger stablecoin supply, adding considerable dollar-value to Ripple’s liquidity supply.

Ripple announced the milestone on August 25, saying RLUSD had crossed $2 billion in market capitalization during the previous week, with close to $1 billion issued on the XRP Ledger.

RLUSD crossed $2B in market cap last week, with close to $1B issued on the XRP Ledger. 📶

Live since December 2024, built for real-world utility and designed for enterprise use cases.$RLUSD is just getting started: https://t.co/n9h8QHjkAj pic.twitter.com/K7ZLnkSI0G

— Ripple (@Ripple) August 25, 2026

RWA.xyz data puts the stablecoin’s market value at roughly $2.02 billion. Around $962.8 million was issued on XRPL, while approximately $1.05 billion was circulating on Ethereum. The two networks therefore account for nearly the entire RLUSD supply.

The year 2024 will see the launch of RLUSD with an approximate value of $1. Ripple envisions using the token in real-world financial use cases, including payments and institutional digital-asset activity.

Changes in growth have been significant. According to RWA.xyz data on August 25,RLUSD saw a market valuation increase by approximately 31.45% over the past 30 days, making it one of the top dollar-backed stable assets on the crypto market.

Read More: Ripple Prime Secures $275M Funding Boost to Power Its Expanding U.S. Crypto Business

Ripple’s blockchain roadmap heavily depends on the distribution. Just under $963 Million of RLUSD are currently on the XRPL network, bringing the stablecoin’s total value on the network close to $1 billion in XRP dollars. There’s a bigger supply of Ethereum still, but not a huge amount.

This means that XRPL has more dollar-denominated liquidity to back up trading, transfers, and other financial activity on its blockchain. But it does not indicate the amount of RLUSD being used for payments, settlement or for other economic activities.

Another tell is onchain activity, showing how RLUSD has been expanding. RWA.xyz has transferred about $11.81 billion (with 1.39 million transactions) in the 30 days ending Aug. 25.

This number should not be viewed as $11.81 billion in payments or new capital flowing into the system. Transactions between wallets, exchanges, custodians and addresses can be included in the blockchain transfer data.

However, such activity would indicate that RLUSD is going far beyond a merely tokenized dollar balance.

Read More: Ripple, Clearpool and Cicada Bring $930M Institutional Credit Push to XRP Ledger

Ripple’s efforts have always been geared towards enterprise/institutional use and not just retail speculation.

Since launch, this stablecoin has also extended its presence to blockchain networks and financial infrastructure to afford users additional avenues for accessing dollar liquidity onchain.

That $2 billion milestone proves that flow to be true. Nearly 2 years since the launch, RLUSD’s circulating supply is now over $2B, with nearly 50% being on XRPL.

For the XRP ecosystem, the expansion reinforces the importance of XRPL as a casino for $USD crypto liquidity. The next big question will be how much of that increasing supply will be realized in recurring payments, trading, and institutional settlement activity.

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