Ripple USD (RLUSD), the U.S. dollar stablecoin issued by blockchain firm Ripple, has crossed the $1 billion market capitalization mark less than a year after launch. The milestone puts Ripple among the top ten issuers of dollar-pegged stablecoins, reflecting strong early uptake from institutional and retail users. RLUSD, launched in December 2024 and regulated through Standard Custody & Trust Company, has grown 1,278% year-to-date. The token is backed by U.S. dollar reserves and short-term Treasuries and is integrated into Ripple’s payments network. “With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide,” the company said in a post on X. The token first crossed the $900 million mark in late October before breaching $1 billion earlier this week. At present, RLUSD ranks as the 10th largest U.S. dollar-backed stablecoin, with daily trading volumes around $174 million, putting it in the same range as PayPal USD (PYUSD) and Dai (DAI).
Investor Takeaway
Ripple’s rapid climb to $1 billion highlights how established fintech and blockchain firms are leveraging existing infrastructure to gain share in the stablecoin market dominated by Tether and Circle.
How RLUSD Fits in the Stablecoin Market
While far smaller than Tether’s USDT at $183 billion and Circle’s USDC at $76 billion, RLUSD’s rise has made Ripple one of the few traditional financial players to scale a stablecoin business beyond pilot stage. Data from RWA.xyz shows that about 80% of RLUSD supply is on Ethereum, with the remaining 20% circulating on XRP Ledger, Ripple’s native blockchain network. Initially pitched as an enterprise-focused product, RLUSD has also gained traction among retail users through integrations with Transak and self-custody wallets like Xaman. Ripple says this cross-sector adoption supports its broader goal of embedding stablecoins into payments and treasury flows worldwide. Ripple President Monica Long said that RLUSD has become the primary stablecoin used in the firm’s payment network. “We’ve doubled the number of customers throughout the year,” she said. “Ripple has processed nearly $100 billion in payments volume to date, and RLUSD is central to those flows.”
Ripple’s Expansion Drive
Ripple’s push into stablecoins is part of a wider expansion in financial services and infrastructure. The firm has completed four acquisitions in 2025 to strengthen its institutional offering, including prime broker Hidden Road — rebranded as Ripple Prime — for $1.25 billion, payments firm Rail for $200 million, treasury platform GTreasury, and wallet infrastructure provider Palisade. Ripple also expanded its over-the-counter services this week to include digital asset prime brokerage for U.S. clients, building on its October acquisition of Hidden Road. The integration is expected to allow Ripple’s institutional clients to trade and hedge digital assets directly using RLUSD and XRP.
Investor Takeaway
Ripple’s acquisitions point to a longer-term plan to build a full-scale financial infrastructure network combining payments, custody and stablecoin services under one brand.
What Comes Next
Most stablecoins have taken years to reach the billion-dollar mark. RLUSD’s rise in under 11 months suggests Ripple has leveraged its existing base of financial partners and licenses to accelerate adoption. The firm now holds more than 75 regulatory licenses globally, positioning it to operate in both institutional and retail markets. While RLUSD’s market share remains small relative to the top two issuers, its growth puts Ripple in the same competitive bracket as PayPal and MakerDAO. Analysts say maintaining momentum will depend on continued integration of RLUSD into Ripple’s payment and liquidity network and on how regulators approach U.S. stablecoins in 2026. For now, RLUSD’s debut year marks one of the fastest expansions in the stablecoin sector since Circle and Tether, underscoring Ripple’s growing influence in dollar-backed digital payments.