Ripple's RLUSD stablecoin has grown to a circulating supply of about 2.49 billion tokens worth close to $2.5 billion, according to CoinMarketCap data. Total stablecoin supply on the XRP Ledger rose about 6% in a week to roughly $1.19 billion, with RLUSD making up more than 92% of that pool.
Ripple's RLUSD has reached a circulating supply of about 2.49 billion tokens, worth close to $2.5 billion, according to CoinMarketCap data. The stablecoin still trades near $1, so the rise in market value comes mainly from more tokens entering circulation rather than a price move.
RLUSD supply grows beyond its August milestone
Ripple said RLUSD had crossed $2 billion in market value in late August, with close to $1 billion issued on the XRP Ledger (XRPL) at the time. The latest total puts circulation roughly $490 million above that milestone, though tracker readings can differ by snapshot time and by how they count tokens across networks.
According to CoinGape, the circulating supply climbed to nearly $2.5 billion on Sept. 22, a level the outlet described as a fresh all-time high. Trackers including CoinMarketCap and RWA.xyz currently place it between $2.4 billion and $2.5 billion. The outlet pointed to Binance rewards for RLUSD holders, Mastercard's use of the token for settlement, and a Japan launch with SBI Group as demand drivers behind the growth.
XRP Ledger stablecoins remain concentrated in RLUSD
Total stablecoin supply on XRPL rose to approximately $1.19 billion, up about 6% over seven days and 11% over 30 days, per DefiLlama data cited in the report. About $1.10 billion of that was attributed to RLUSD, giving Ripple's token more than 92% of the ledger's tracked stablecoin supply. Other stablecoins on XRPL make up roughly $90 million of the total.
XRP still plays a different role than RLUSD on the ledger: it remains XRPL's native token, used to pay network fees, while RLUSD is a dollar-denominated asset that moves on the same chain. More RLUSD on XRPL can add ledger activity, but it does not require stablecoin holders to buy XRP.
New York oversight governs RLUSD's reserves
In the United States, Standard Custody & Trust Company, a Ripple subsidiary chartered by the New York State Department of Financial Services, issues RLUSD. Ripple says the tokens are backed by cash and permitted cash equivalents held in segregated reserve accounts, and it publishes monthly third-party attestations of those reserves. Ripple selected BNY in 2025 as the primary custodian for RLUSD reserves.
Separately, the Federal Reserve released two proposed rules on Sept. 24 to implement parts of the GENIUS Act covering stablecoin reserves, capital, and bank applications. Public comments are due 60 days after the proposals appear in the Federal Register.
Sources: crypto.news, CoinGape
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