Ripple's RLUSD stablecoin has overtaken PayPal's PYUSD to claim the seventh position among stablecoins by market capitalization. On November 12, 2026, RLUSD reached approximately $2.71 billion compared with roughly $2.67 billion for PYUSD.
The crossover resulted from movement on both sides. RLUSD held steady or increased slightly while PYUSD lost approximately $99–136 million in supply in a single day. Over the preceding 30 days, RLUSD added $258 million in supply while PYUSD's supply contracted.
The current lead is narrow enough that daily market swings could reverse the ranking. In stablecoin markets where supply can fluctuate significantly day-to-day, the order could flip back if PYUSD experiences a wave of new issuance.
RLUSD's Growth and Distribution
RLUSD launched globally on December 17, 2024, and began 2026 with a market cap of roughly $1.34 billion before climbing to its current level. The growth has been linked to exchange integrations and rising institutional adoption.
Approximately one-third of RLUSD's supply, or roughly $874 million, is held on the XRP Ledger. The remainder is spread across other networks, indicating demand extends beyond Ripple's native ecosystem.
PYUSD's Recent Contraction
PYUSD is issued by Paxos on PayPal's behalf, with reserves consisting of dollar deposits, US Treasuries, and cash equivalents. The stablecoin has pulled back from peaks it reached earlier in 2026, with the supply contraction continuing a recent downward trend.
What to Watch
The stablecoin rankings will be determined by several factors in coming weeks. These include whether RLUSD maintains its lead through daily supply fluctuations, whether PYUSD's contraction proves temporary or sustained, and whether the share of RLUSD on the XRP Ledger rises or falls—a metric that will indicate whether growth originates from Ripple's ecosystem or wider adoption elsewhere.
