Ripple's RLUSD stablecoin added $82.1 million in a single day to hit a record $2.491 billion, pulling within about $248 million of PayPal's PYUSD, which is shrinking this year. The XRP Ledger's share of RLUSD supply also grew this week after months of losing ground to Ethereum.
Ripple's RLUSD stablecoin added $82.1 million in a day to hit a record $2.491 billion. That leaves it roughly $248 million behind PayPal's PYUSD, a stablecoin that has been shrinking for most of the year.
A Near-Tie at the Top
Token Terminal ranked the day's biggest stablecoin gainers, with PYUSD adding $82.7 million, just ahead of RLUSD's $82.1 million. Both beat tether's $69.4 million, Sky's USDS at $37.4 million and Ethena's USDe at $35.9 million.
Defillama's daily data traces the burst to Sept. 26, when RLUSD climbed from $2.409 billion to $2.491 billion, an all-time high it has held since. PYUSD rose from $2.697 billion to $2.779 billion over the same stretch. Since then, however, PYUSD has given back $40 million to sit at $2.739 billion, while RLUSD hasn't moved.
One Coin Up 86%, the Other Down 22%
RLUSD started the year at $1.336 billion, crossed $2 billion in late August and set a $2.44 billion record on Sept. 14 — now 86% above where it began 2026. PYUSD, by contrast, opened the year at $3.531 billion and peaked at $4.214 billion on March 5, but has since lost about $1.5 billion, a 35% drop from its high.
Over the past week, RLUSD gained $112 million while PYUSD lost $61 million, with much of that PYUSD decline coming from Arbitrum, where its supply fell from $320 million to $229 million. Even so, RLUSD remains small next to a $306 billion stablecoin market still dominated by tether and USDC's $75.3 billion.
The Ledger Split Flips
Between Sept. 21 and Sept. 28, RLUSD on the XRP Ledger grew by $63 million to $1.099 billion, while its Ethereum balance rose $49 million to $1.392 billion. That lifted the XRP Ledger's share of RLUSD's supply to about 44%, reversing a run in which the ledger's share had slid from 58.9% to around 43% as Ethereum captured most of the growth since July.
Ripple has kept building uses for that XRP Ledger balance. In August, Ripple, Clearpool and Cicada Partners began building an institutional lending market on the network with RLUSD as the credit asset, and Ripple outlined RLUSD's regulatory structure earlier this month.
XRP's Price Lags the Network
Despite the stablecoin growth on its ledger, XRP trades near $1.49, down about 19% since Jan. 1.
That gap between XRP's price and its network's dollar-token activity has been building for a while.
Source: Bitcoin News
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