Ripple's RLUSD Tops $2B Market Cap; XRP Ledger Stablecoin Supply Breaks $1B

Ripple's U.S. dollar-pegged stablecoin, RLUSD, exceeded a $2 billion market capitalization in the week of August 18–22, ranking it among the fastest-growing regulated stablecoins in crypto. About $988 million of RLUSD is issued on the XRP Ledger, with the remainder on Ethereum. Total circulating supply is estimated at roughly 2.07–2.09 billion tokens. RLUSD has become the anchor stablecoin on the XRP Ledger, representing more than 90% of the network's total stablecoin supply. That concentration pushed aggregate stablecoin supply on the ledger above $1 billion, a level that also puts the XRP Ledger ahead of Stellar by total stablecoin supply. Dual issuance on XRP Ledger and Ethereum gives RLUSD reach into Ethereum's DeFi ecosystem while tapping the XRP Ledger's faster settlement and lower transaction costs. On compliance, RLUSD is issued under a New York Department of Financial Services trust company charter. Ripple says the token is fully backed 1:1 by U.S. dollar deposits and cash equivalents, supported by monthly attestations from an independent CPA. The company is also reportedly considering additional federal oversight. Regulation could tighten further under the GENIUS Act, expected to define stablecoin oversight when it takes effect in 2027. The framework is likely to raise standards around reserve transparency, issuer licensing, and consumer protections. Ripple has positioned RLUSD primarily for payments and liquidity management rather than retail trading, targeting treasury functions, cross-border settlement, and institutional workflows where the token can serve as a bridge asset. RLUSD's rise from zero to $2 billion in under two years stands out given its stringent regulatory posture. For the XRP Ledger ecosystem, the fact that a single token makes up over 90% of stablecoin supply also increases reliance on one issuer's performance and risk management.