TL;DR
- RLUSD reached $2.409 billion in circulation, while Ripple reported $2.5315 billion in reserves as of September 24.
- Reserves exceeded circulating supply by approximately $122.5 million, representing a cushion of around 5%.
- RLUSD continues expanding across Ethereum, XRP Ledger and other networks as Ripple targets institutional payments, settlement and digital-asset liquidity.
Ripple’s RLUSD stablecoin has reached $2.409 billion in circulating supply, while reserves stand at $2.5315 billion, according to Ripple’s latest transparency data dated September 24. The figures show continued expansion for the dollar-backed token as Ripple builds RLUSD into its broader payments and institutional digital-asset infrastructure.
The reserve balance sits about $122.5 million above the reported circulating supply, providing a reserve cushion of roughly 5%. Ripple says RLUSD reserves are held in segregated accounts and backed by U.S. dollars, Treasuries and other permitted cash equivalents. The issuer also publishes monthly independent CPA attestations covering circulation and reserve assets.
RLUSD Growth Extends Into Institutional Markets
RLUSD crossed the $2 billion supply level in late August, meaning its reported circulation has increased by more than $400 million since late August. Ripple senior vice president of stablecoins Jack McDonald said on September 30 that RLUSD had grown by more than 50% in a month, while average daily activity had more than tripled since the beginning of 2026.
The stablecoin is issued by Standard Custody & Trust Company, a limited-purpose trust company chartered and supervised by the New York Department of Financial Services. Ripple has also selected BNY as the primary custodian for RLUSD reserves, strengthening the stablecoin’s reserve infrastructure.
Multichain Distribution Broadens RLUSD Liquidity
RLUSD is available across several blockchain networks, including Ethereum, the XRP Ledger, Base, Optimism, Ink, Unichain and the XRPL EVM Sidechain. Ripple’s own platform allows institutions to mint, redeem and manage RLUSD, connecting the stablecoin with treasury and payment workflows.
Ethereum has recently held more RLUSD than the XRP Ledger. On September 30, DefiLlama data put total circulating supply at about $2.521 billion, with roughly $1.396 billion on Ethereum and $1.125 billion on XRPL. The difference from Ripple’s $2.409 billion figure reflects different measurement dates and methodologies, rather than a contradiction between the datasets.
The expansion gives RLUSD a broader role in digital-dollar liquidity. Its growth can support settlement, payments and tokenized-asset activity across multiple networks, while its institutional structure gives businesses another regulated stablecoin option. For XRP, however, RLUSD growth does not automatically translate into equivalent token demand, since the stablecoin can operate without requiring every holder to purchase XRP.
