Ripple's RLUSD has overtaken PayPal's PYUSD to become the seventh-largest stablecoin by market capitalization. The gap is about $40 million, and it rests on a single day's reading, so the order could flip back.
Ripple's RLUSD overtook PayPal's PYUSD to take seventh place among stablecoins by market capitalization. On November 12, 2026, RLUSD stood at approximately $2.71 billion, against roughly $2.67 billion for PYUSD.
PYUSD supply shrinks as RLUSD holds
The pass came from both directions. RLUSD held steady or ticked slightly higher, while PYUSD lost about $99–136 million in supply in a single day.
The longer view points the same way. Over the 30 days before the crossover, RLUSD added $258 million in supply, while PYUSD's supply contracted.
However, the lead is thin. Daily supply in this market can swing hard, so PYUSD could regain the spot if it sees a wave of new issuance.
RLUSD's growth since launch
RLUSD launched globally on December 17, 2024. It began 2026 with a market cap of roughly $1.34 billion and now sits at approximately $2.71 billion. That growth has been linked to exchange integrations and rising institutional adoption.
About one-third of RLUSD's supply, or roughly $874 million, is held on the XRP Ledger. The rest is spread elsewhere, which suggests demand extends beyond Ripple's home network.
XRP Ledger validator 'Vet' described RLUSD as among the top five USD-backed stablecoins and on track for the top three. That is a forecast from a validator on Ripple's own network, not a guarantee.
PayPal's stablecoin pulls back
Paxos issues PYUSD on PayPal's behalf. Its reserves consist of a mix of dollar deposits, US Treasuries, and cash equivalents. PYUSD has pulled back from the peaks it reached earlier in 2026, and the supply contraction before the crossover continued that trend.
Reaching third place would require far bigger supply gains than the $258 million RLUSD posted in the past month.
Source: Crypto Briefing
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