Ripple’s Ripple USD (RLUSD) has topped $2.4 billion in market value after a 50% monthly jump, while the company expands its corporate treasury push.
Key Points:
- RLUSD rose above $2.4 billion in market value after gaining more than 50% in a month.
- Ripple reported $2.409 billion in circulation against $2.5315 billion in reserves as of Sept. 24.
- Stablecoin growth can raise network activity without creating matching demand for the native token.
RLUSD Supply Growth
RLUSD passed $2.4 billion as Jack McDonald, Ripple’s senior vice president of stablecoins, highlighted the growth in a Sept. 30 post. “RLUSD continues to climb, reaching ~$2.4B in market cap, up more than 50% in a month,” he wrote, adding that average daily activity had more than tripled since early 2026.
Ripple’s Aug. 31 attestation showed 2.326 billion RLUSD outstanding and about $2.446 billion in reserves. By Sept. 24, the company reported $2.409 billion in circulation and $2.5315 billion in backing assets, leaving roughly $122.5 million above circulating supply. Standard Custody & Trust Company issues the stablecoin, while BNY is the primary reserve custodian.
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XRP Demand Link
The expansion gives Ripple another product for a corporate treasury market estimated at $13 trillion, covering payment flows, liquidity management and settlement. RLUSD has also spread across Ethereum (ETH), the XRP Ledger and networks including Optimism, Base, Ink and Unichain through Wormhole infrastructure.
That growth does not create a one-for-one increase in XRP (XRP) demand because companies can hold and transfer RLUSD without buying XRP. Transactions on the XRP Ledger still require XRP for fees, so higher RLUSD activity there can add some fee-related demand.
DeFi distribution has widened as well, with the RLUSD/USDS pair on Spark Finance’s Stablecoin FX Layer processing more than $600 million in its first week on Uniswap v4.
The integration expands stablecoin liquidity without tying every RLUSD transaction to XRP.
The chain split has changed quickly. In July, the XRP Ledger held more RLUSD than Ethereum, but by Sept. 14 Ethereum held about $1.37 billion versus $1.05 billion on XRPL. Since July, Ethereum added roughly $737 million in RLUSD while the XRP Ledger added about $146 million, showing how growth has increasingly moved beyond Ripple’s native network.
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