Ripple’s RLUSD supply nears $2.5B as XRPL stablecoins climb 6%

Ripple’s RLUSD has reached a circulating supply of about 2.49 billion tokens as the value of stablecoins on the XRP Ledger has risen roughly 6% in a week.

CoinMarketCap data places RLUSD’s circulating supply at approximately 2.49 billion tokens and its market value close to $2.5 billion. The stablecoin trades near $1, so the increase in market value comes mainly from more tokens in circulation, rather than a rise in its price.

Ripple said RLUSD had crossed $2 billion in market value in late August. At the time, close to $1 billion had been issued on the XRP Ledger, according to the company. 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.

The XRPL figures describe a smaller pool. DefiLlama data cited in the source report placed all stablecoins on the ledger at approximately $1.19 billion, up about 6% over seven days and 11% over 30 days. About $1.10 billion of that amount was attributed to RLUSD, giving Ripple’s token more than 92% of the ledger’s tracked stablecoin supply.

RLUSD supply has grown beyond its August milestone

Ripple launched RLUSD in December 2024 as a dollar-pegged token for payments and other financial transactions. The company first issued it on the XRP Ledger and Ethereum and has since listed additional supported networks in its documentation.

When RLUSD passed $2 billion in August, Ethereum held slightly more of the token than XRPL. As crypto.news reported at the time, on-chain figures put about $963 million on XRPL and $1.05 billion on Ethereum. Ripple described the ledger’s share as close to $1 billion.

The current XRPL figure of about $1.10 billion points to further issuance on Ripple’s home ledger. It also means that well over $1 billion of the roughly $2.49 billion total remains on other supported networks. The figures should be kept separate: RLUSD’s total circulating supply counts the token wherever it has been issued, while the XRPL stablecoin total counts dollar tokens on that ledger.

Institutional clients have a direct route to create and redeem the token through Ripple Mint. Ripple introduced the service in July with an interface and API for eligible clients to manage RLUSD operations. The company presents it as a way to fit stablecoin issuance into existing treasury and payment systems.

Ripple has also identified corporate treasury payments as a possible use for RLUSD. In September, the company pointed to clients handling an estimated $13 trillion annually, according to earlier treasury coverage. That figure describes the payments handled by potential clients; it is not a measure of transactions already settled in RLUSD.

XRP Ledger stablecoins remain concentrated in RLUSD

DefiLlama’s XRPL total puts other stablecoins on the network at roughly $90 million after subtracting the reported $1.10 billion in RLUSD. The estimate depends on the timing of each tracker reading, but it shows the size of Ripple’s token relative to the ledger’s other dollar assets.

For XRPL users, RLUSD provides a dollar-denominated asset that can move on the same ledger as XRP. Ripple’s documentation describes the stablecoin as redeemable for U.S. dollars through its issuer’s arrangements. XRP serves a different role as the ledger’s native token and is used to pay network fees.

The difference matters when assessing what the new supply means for XRP holders. More RLUSD on XRPL can produce additional ledger activity, but it does not require holders of the stablecoin to buy an equivalent value of XRP. A September report on XRP examined the two assets’ separate price and usage trends as RLUSD grew past $2.3 billion.

Ripple has described RLUSD uses that include payments, trading collateral and tokenized assets. In August, it joined Clearpool and Cicada on a planned institutional credit fund denominated in RLUSD. The proposed credit fund was still under development when announced, and its planned size had not been disclosed.

New York oversight governs RLUSD’s reserves

In the United States, RLUSD’s issuer is Standard Custody & Trust Company, a Ripple subsidiary chartered as a limited-purpose trust company by the New York State Department of Financial Services. Ripple says the tokens are backed by cash and permitted cash equivalents held in segregated reserve accounts.

According to Ripple’s transparency disclosures, the company publishes monthly third-party attestations of the assets backing RLUSD. Those reports show reserves and circulation at a specified date, while market trackers update their supply estimates more frequently. Ripple selected BNY in 2025 as the primary custodian for RLUSD reserves.

Ripple’s terms state that RLUSD is not an insured bank deposit. For U.S. holders, redemption rights and the assets in reserve therefore depend on the issuer’s arrangements and applicable oversight, rather than Federal Deposit Insurance Corporation coverage.

Separately, the Federal Reserve released two proposed rules on Sep. 24 to implement parts of the GENIUS Act for issuers under its supervision and for insured state member banks seeking to issue payment stablecoins through subsidiaries. The Fed’s proposed rules cover permitted reserves, capital, risk controls, and bank applications. Public comments are due 60 days after the proposals appear in the Federal Register.