Ripple’s U.S. dollar-backed stablecoin RLUSD has surpassed $2 billion in market capitalization.
The product, which was launched in December 2024, RLUSD has emerged as one of the fastest-growing regulated stablecoins.
Notably, its supply is currently approaching $1 billion on the XRP Ledger.
RLUSD’s market capitalization has climbed to an impressive $2.035 billion, CoinGecko data shows. It is within striking distance of PayPal USD (PYUSD), which currently holds a market cap of roughly $2.87 billion.
RLUSD is currently ranked among the top stablecoins by market capitalization, sitting behind major players such as Tether’s USDT, Circle’s USDC, Maker’s USDS, Dai, Ethena’s USDe, and PayPal USD.
A significant minting spree
Multiple RLUSD issuances from the RLUSD Treasury have been reported over the past day, including a 40 million RLUSD mint, a 25 million RLUSD mint, a 20 million RLUSD mint, and additional 19 million, 14 million, and 12 million token issuances.
The latest minting activity brings fresh liquidity into the ecosystem.
What is notable is that a significant portion of RLUSD’s growth has taken place on the XRP Ledger. Earlier, Ethereum was the dominant network for RLUSD.
Closing in on PayPal
RLUSD is also close to toppling PayPal’s PYUSD, which is another popular regulated stablecoin. The latter currently has a market capitalization of approximately $2.87 billion with a lead of less than $1 billion over RLUSD.
At its current growth rate, RLUSD could potentially challenge PayPal’s stablecoin position among the largest regulated dollar-backed assets.
Tether’s USDT remains the market leader with a market capitalization of approximately $183 billion. Circle’s USDC follows with a market capitalization of roughly $73 billion.
Other major stablecoins include USDS with a market capitalization of about $9.7 billion, Dai at approximately $4.5 billion, and Ethena’s USDe at more than $4 billion.
