TL;DR:
- RLUSD’s market capitalization reached $1.56 billion with 1.55 billion tokens in circulation, according to CoinMarketCap data.
- An issuance of $40 million on Ethereum and sustained daily trading volumes exceeding $43 million drove circulating supply in recent days.
- Ripple has allocated nearly $3 billion to corporate acquisitions to expand the operational infrastructure of its regulated asset.
The corporate stablecoin RLUSD, backed by Ripple, is approaching the $2 billion market capitalization mark following an issuance of $40 million on Ethereum during the final week of February.
$RLUSD just crossed $2,000,000,000 in market cap.
With close to $1B issued on the XRP Ledger.
This makes RLUSD, launched in December 2024, the fastest growing stablecoin regulated under the NYDFS.https://t.co/nmUjsAnKXt pic.twitter.com/Xs6BYoadSL
— Vet (@Vet_X0) August 21, 2026
According to market metrics tracked by CoinMarketCap, the asset’s circulating supply stood at 1.55 billion tokens. Analysts note that this progress places the asset less than $500 million away from its targeted supply forecast for the close of the current cycle.
RLUSD’s daily trading volume consistently stayed above $43 million, topping $100 million on days of intense settlement activity. Throughout these periods of volatility, the asset maintained its fixed one-dollar peg.
The expansion of circulating supply comes in response to the direct integration of Ripple’s technology into traditional banking infrastructure. During February, Deutsche Bank onboarded the company’s solutions for institutional cross-border payment settlements.
Meanwhile, Société Générale expanded support for its MiCA-regulated euro stablecoin to the XRP Ledger network. Banking sector reports indicate that these deployments enhance liquidity interoperability between tokenized fiat currencies and fast-settlement assets.
Competition with PayPal USD and Institutional Expansion
Market dynamics place RLUSD in direct competition with PayPal USD (PYUSD) within the enterprise sector. Data from the analytics platform DeFiLlama shows that PYUSD grew its market capitalization from $1.28 billion in September to $3.8 billion after expanding across networks like Solana and Arbitrum.
PYUSD’s growth was accompanied by the rollout of peer-to-peer transfer capabilities via direct links. Market data ranks PayPal’s token in sixth position globally among stablecoins by volume and liquidity.
Faced with this market share, Ripple has geared the design of RLUSD toward strictly compliant custody and settlement. The firm has executed corporate acquisitions with a cumulative value close to $3 billion to bolster its custody and compliance framework.
The protocol operates under state-level supervision in the United States through New York trust charters. Ripple’s technical documentation specifies that every circulating token is fully backed by US dollar bank deposits, short-term US Treasury bills, and cash equivalents subject to periodic audits.
Analyst projections suggest that if the current issuance pace continues, RLUSD’s market capitalization could officially surpass $2 billion by early Q2 2026.
The next regulatory and operational milestone for the company involves the outcome of its National Trust Charter application before the US Office of the Comptroller of the Currency (OCC), alongside the scheduled commercial launch of its payment infrastructure in Japan in partnership with the financial consortium SBI Holdings.
