RLUSD, Ripple's regulated stablecoin, has reached a new all-time high market cap near $2.5 billion as of September 22, according to multiple tracker sources including CoinMarketCap and RWA.xyz. The circulating supply has climbed steadily since Ripple reached $2 billion in RLUSD circulation in late August.
The stablecoin remains pegged near $1.00, making this milestone a supply record rather than a price breakout. Multiple data sources confirm the level, with daily methodology differences resulting in readings between $2.35 billion and $2.49 billion depending on the source and snapshot time.
XRPL Stablecoin Supply Expands
Total stablecoin supply on the XRP Ledger (XRPL) has grown to approximately $1.19 billion, representing a 6% increase over one week and 11% growth over the past month, according to DefiLlama data. RLUSD accounts for more than 92% of this total, with approximately $1.101 billion on XRPL alone.
Growth Drivers and Market Developments
Several factors have contributed to RLUSD's supply expansion. Binance introduced XRP rewards for RLUSD holders, while Mastercard added RLUSD for 24/7 settlement on XRPL. Stripe and Tempo integration brought RLUSD into AI agent payment flows, and Ripple Mint opened a direct mint-and-redeem channel for institutional participants.
Additional catalysts include BNY's 24/7 Treasury settlement operations and a Japan market launch with SBI Group, which expanded JFSA-approved RLUSD access into a major regulated market.
XRPL's Dollar Rail Concentration
The high concentration of stablecoin supply on XRPL reflects RLUSD's dominance on the network, with the chain surpassing Ethereum in RLUSD supply. However, this concentration also means issuer risk remains centralized with Ripple and Standard Custody rather than distributed among XRP holders.
The dollar depth on XRPL does enhance XRP's utility as a bridge asset, though supply growth represents issuance rather than speculative gains. The sustainability of this expansion will depend on whether the $2.5 billion in stablecoin supply converts into persistent payment and treasury volume.
