Ethereum Holds the Larger Share of RLUSD Supply
RLUSD reaches $2.07 billion, with Ethereum holding 54% of supply and XRP Ledger 46% as institutional integrations expand.
Ripple’s RLUSD stablecoin has crossed $2.07 billion in market capitalization, with the XRP Ledger carrying $962.8 million of that supply and Ethereum holding the remaining $1.11 billion, according to data from XRP Insights’ XRP Radar tracker. The split puts Ethereum slightly ahead at 54% of total supply versus 46% on XRPL, a $147.6 million gap.
RLUSD’s Two-Chain Supply Split
RLUSD launched on December 17, 2024, and has at least eight live exchange listings, holding rank #36 on CoinMarketCap by market cap, per the XRP Radar dashboard. The token is currently issued on the XRP Ledger and Ethereum. XRP Radar lists Optimism, Base, Ink, and Unichain as coming soon through Wormhole’s Native Token Transfer standard, which would extend RLUSD’s reach across four additional Layer 2 and rollup ecosystems without fragmenting liquidity into wrapped variants.
Exchange listings span Binance (RLUSD/USDT), Uphold, Bitstamp, Bitso, Bullish, Independent Reserve, and CoinMENA, giving RLUSD direct fiat pairs across the U.S., Mexican peso, Australian dollar, and UAE dirham markets. MoonPay also offers an on-ramp, while RLUSD’s stated use case is institutional settlement rather than trading.
Institutional Rails Already Plugged In
The more telling detail sits in RLUSD’s institutional integrations. BlackRock’s BUIDL tokenized treasury fund and VanEck’s VBILL both use RLUSD for settlement and redemption, letting institutions convert tokenized T-bill exposure into stablecoin liquidity around the clock. LMAX Group, an institutional exchange that took a $150 million investment from Ripple, accepts RLUSD as collateral for FX, crypto spot, and futures positions, while Interactive Brokers uses it for 24/7 account funding.
BNY Mellon serves as primary custodian for RLUSD reserves, and AMINA Bank, a Swiss-regulated crypto bank, offers custody and trading services on top. On the DeFi side, RLUSD has native pools on the XRPL AMM, a Curve Finance stable pool paired against USDC on Ethereum, and collateral status on Aave’s Horizon real-world-asset market – three separate venues where the stablecoin can generate yield or back leveraged positions rather than sit idle.
Where RLUSD Sits Among Stablecoins
Coinpaper reporting republished by CryptoRank characterized RLUSD as the fastest-growing stablecoin regulated by the New York Department of Financial Services and said that nearly $1 billion of the supply circulates on XRPL. That figure aligns with the XRP Radar estimate of $962.8 million on the ledger.
Separately, CoinGecko data cited by U.Today reporting put RLUSD’s market cap at $2.035 billion, closing in on PayPal USD’s roughly $2.87 billion. That would make RLUSD the seventh-largest stablecoin by market cap, trailing Tether’s USDT (~$183 billion), Circle’s USDC (~$73 billion), USDS (~$9.7 billion), Dai (~$4.5 billion), and Ethena’s USDe (over $4 billion). U.Today also reported amounts of 40 million, 25 million, 20 million, 19 million, 14 million, and 12 million RLUSD tokens over the past day.
For readers tracking how RLUSD’s growth compares against the wider stablecoin field, CoinNews has covered stablecoin deposit flows and liquidity trends across major issuers, as well as USD1’s OCC charter push, another regulated dollar token vying for institutional share in the same lane RLUSD is targeting.
Regulatory Structure Behind the Growth
RLUSD’s growth narrative is inseparable from its compliance framing. The XRP Radar data lists NYDFS approval and Dubai’s DFSA recognition among RLUSD’s regulatory milestones, alongside monthly reserve attestations. Those measures are relevant to the banks and brokers integrating the stablecoin.
What Comes Next
Key developments to watch include whether the Wormhole NTT rollout to Optimism, Base, Ink, and Unichain materializes, whether the minting pace reported across Ethereum and XRPL holds up, and whether RLUSD can close the gap on PayPal USD as the broader stablecoin market changes. RLUSD’s $2 billion figure is a snapshot rather than a floor.
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