Ripple’s RLUSD Storms Past $2 Billion, But Questions…

Ripple's dollar-pegged stablecoin RLUSD crossed $2 billion in market capitalization during the week of August 18, with close to $1 billion of that supply issued directly on the XRP Ledger. The token, launched in December 2024 under a New York Department of Financial Services trust charter, reached the milestone in under two years.

Nearly Half the Supply Sits on XRP Ledger

Circulating supply stands at roughly 2.09 billion tokens split across two networks. Approximately $988 million, or 48 percent of the total, resides on the XRP Ledger, where RLUSD now accounts for over 90 percent of all stablecoin supply.Most of the remaining balance sits on Ethereum, giving issuers and DeFi protocols access to the broader decentralized finance ecosystem. RLUSD is also available on Base, Ink, Optimism, Unichain, and the XRPL EVM sidechain.Standard Custody and Trust Company, a Ripple subsidiary, issues the token under NYDFS oversight. Independent accountants prepared by Deloitte attest to the reserves monthly, with the most recent report dated August 20 listing $1.981 billion in reserve funds against $1.866 billion in circulation as of the August 20 snapshot.The surplus reflects a common buffer maintained by regulated stablecoin issuers to absorb redemption spikes without breaking the peg.

Mastercard Settlement Deal Fuels Institutional Demand

Jack McDonald, Senior Vice President of Stablecoins at Ripple, said in a June 2026 statement that "RLUSD's inclusion in Mastercard's global settlement network reflects growing demand for trusted, regulated stablecoins built for real-world financial use cases on public blockchains like the XRP Ledger." That deal, announced on June 3, added RLUSD alongside Circle's USDC and Paxos-issued tokens to Mastercard's settlement rails across eight blockchain networks.The partnership positioned RLUSD for intraday, weekend, and holiday settlement alongside traditional fiat options. Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, noted that "the next phase of stablecoin adoption is about real-world utility, especially in settlement, where timing and liquidity matter most."

Stablecoin Rankings Shift as GENIUS Act Looms

RLUSD's growth from zero to $2 billion in roughly 20 months since its December 2024 launch leaves it a fraction of Tether's roughly $183 billion market capitalization. The milestone also pushed total stablecoin supply on the XRP Ledger past $1 billion, surpassing Stellar's stablecoin holdings in the process.The competitive picture could shift again when the GENIUS Act takes effect, expected in 2027. That legislation would impose stricter reserve and disclosure requirements on all dollar-backed stablecoin issuers. For tokens already operating under NYDFS oversight with monthly Deloitte attestations, the transition may prove smoother than for offshore competitors still operating without comparable regulatory frameworks.Ripple itself characterized the milestone by saying RLUSD "is just getting started," though it offered no measurable forecast to back the claim. The next test is whether settlement volume through the Mastercard network translates into sustained supply growth beyond the current $2 billion threshold, or whether growth plateaus as competing regulated stablecoins enter the same rails.