Ripple USD Reaches Valuation Milestone
Ripple USD (RLUSD) has crossed $2 billion in market capitalization, less than two years after its launch. According to data from RWA.xyz, the stablecoin's market cap reached approximately $2.02 billion, representing a 31.45% increase over 30 days. Approximately $962.8 million of the circulating supply is issued on the XRP Ledger, while Ethereum holds about $1.05 billion. Ripple issues the token natively on each chain rather than bridging a single pool.
Each RLUSD token is designed to maintain a value of $1 through reserves containing cash and permitted cash equivalents, including short-term U.S. Treasury bills, government money market funds, overnight reverse repurchase agreements, and bank deposits. Ripple states that Deloitte conducts monthly reserve attestations for the stablecoin.
Network Activity and Institutional Features
Dataset records indicate that RLUSD transfer volume reached $11.81 billion over a 30-day period, spread across 1.39 million transactions. The growing issuance has added dollar-denominated liquidity to the XRP Ledger's trading and payment infrastructure. Evernorth analysis previously noted that RLUSD trading pairs processed more than $2.5 billion from launch through late June, with the RLUSD-XRP pair generating roughly $900 million.
To support institutional use, Ripple introduced a unified issuance and redemption platform called Ripple Mint in July, allowing eligible institutions to handle minting, redemption, bridging, and balance monitoring via a web interface or application programming interfaces. Additionally, Ripple is backing an institutional lending initiative involving Clearpool and Cicada Partners on the network's Devnet, which depends on validator approval of the XLS-65 Single Asset Vaults and XLS-66 Lending Protocol amendments.
Multichain Expansion and Payment Integrations
Ripple has expanded RLUSD through payment integrations, exchange listings, regional distribution agreements, and support for additional blockchain networks beyond its original XRP Ledger and Ethereum deployments. Recent developments include Mastercard settlement support, availability in Japan and Turkey, integration with Bitso, and an investment in Flutterwave tied to African payment corridors.
