Coinspeaker
5 hour ago
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Ripple’s RLUSD tops $2.52B; majority sits outside XRPL

3 min

Ripple USD (RLUSD) reached a market cap of about $2.52 billion after growing more than 85% in 2026. XRP trades near $1.51, up 2.1% over 24 hours, but remains about 59% below its all-time high of $3.65 set on July 17, 2025. RLUSD’s growth and XRP’s price performance reflect different functions and demand drivers.

Ripple USD(RLUSD)

Ripple USD (RLUSD) DefilLama

Where RLUSD’s $2.5 Billion Supply Sits

DefiLlama reports about $1.40 billion of RLUSD on Ethereum and $1.12 billion on XRPL: roughly 55% of supply resides outside XRPL. Supply is growing on both chains. Over the past month, RLUSD on XRPL rose 7.76% versus 6.61% on Ethereum. Over seven days, Ethereum increased 3.89% versus 1.88% on XRPL. Within XRPL, RLUSD dominates with about $1.2 billion, around 92% of the ledger’s stablecoin market. The chain mix has shifted frequently in 2026, so tracking the ratio over time provides a better gauge of XRPL’s share than single-day snapshots.

Ripple states RLUSD is natively issued on XRPL, Ethereum, and other blockchains, backed one-to-one by segregated cash and cash equivalents, and redeemable at par. Institutions mint and redeem via Ripple Mint. XRP is not required to create, hold, or redeem RLUSD. Interest on RLUSD reserves accrues to Ripple as a company. These mechanics indicate RLUSD growth does not inherently drive XRP demand.

Why RLUSD and XRP Move Differently

XRPUSDT Chart 1D

XRPUSDT Chart 1D TradingView

Stablecoins maintain a $1 value for moving dollars across blockchains. XRP’s role centers on bridging currencies for cross-border conversion. Institutions can settle in RLUSD without exposure to XRP’s price. XRPL requires a small XRP fee per transaction and a minimum XRP reserve per wallet, but the associated demand is small relative to XRP’s daily trading volume near $4 billion. Separate flows support XRP: U.S. spot XRP ETFs recorded about $75.6 million in inflows between September 22 and 25. Regional adoption, including RLUSD’s footprint in Türkiye, can increase XRPL activity without directly increasing XRP purchases. On technicals, XRP trades between resistance near $1.62 and support around $1.27, with the 50-day and 200-day moving averages clustered near $1.37.

What Would Link RLUSD Growth to XRP

Evidence that RLUSD growth benefits XRP would include: a Ripple product explicitly tying RLUSD settlement to XRP liquidity; a rising XRPL share of RLUSD supply; and increased XRPL transaction fees or reserve activity. The cautionary case: RLUSD expands on Ethereum and other chains while XRP remains flat, indicating divergence. RLUSD trails PayPal USD by about $248 million. If RLUSD closes that gap while XRP stagnates, the divergence view strengthens. RLUSD can expand Ripple’s payments reach and interest income without requiring XRP holders to benefit.