Ripple's RLUSD stablecoin has reached roughly $2.4 billion in market capitalization, adding another source of dollar liquidity to digital-asset markets. Stablecoins are blockchain tokens designed to the U.S. dollar, and growth in their supply means more dollar-equivalent balances moving across public networks for trading, payments, and settlement.

In a September 30 update, Jack McDonald, Ripple's senior vice president of stablecoins, said RLUSD had expanded more than 50% in a month and that average daily activity had more than tripled since the start of the year. He announced the release of the token's monthly independent attestation for August in a post on X.

The $RLUSD monthly independent attestation for August is now live! And your quick rundown of the latest… 1/ $RLUSD continues to climb, reaching ~$2.4B in market cap, up more than 50% in a month. What's more exciting… average daily activity has more than tripled since the start…

— Jack McDonald (@JackMcDonald) September 30, 2026 (x.com)

Ripple's transparency dashboard listed $2.409 billion in circulating tokens against $2.5315 billion in reserve funds as of September 24. The figures underline the scale of the dollar-linked token, although its expanding supply does not by itself establish higher demand for XRP or a higher XRP price.

RLUSD's growth is accompanied by distribution across both the Ethereum network and the XRP Ledger (XRPL), Ripple's public network for transferring assets. The expansion may add liquidity and settlement activity across those networks, while the investment case for XRP remains distinct from the stablecoin's dollar-pegged function.

What the RLUSD Reserve Figures Show

(Data: RWA.xyz)

The September 24 dashboard snapshot records circulating RLUSD and reserve funds at different amounts, with reserves about $122.5 million above circulation. That comparison is specific to that date and should not be merged with the separate August attestation, which covers earlier snapshots.

For August 31, the independent attestation recorded 2,325,969,308 outstanding tokens and reserve assets valued at $2,446,312,864 — roughly $120.3 million above the token amount. The examination, dated September 29, covered both August 17 and August 31. Ripple's transparency dashboard publishes these monthly reserve reports, giving readers dated figures rather than a single undifferentiated balance. The monthly cadence provides a recurring set of dated benchmarks for tracking changes in issuance and reserves over time.

RLUSD is designed to track the U.S. dollar, and reserve backing and redemption mechanisms help support that target. In practical terms, reserves provide assets intended to support the tokens in circulation and their exchange for dollars. Monthly attestations are intended to give holders a dated, third-party view of reserves relative to tokens outstanding.

What RLUSD's Growth Means for XRP

Ripple issues RLUSD through its subsidiary, Standard Custody & Trust Company, which is regulated by the New York State Department of Financial Services. The stablecoin launched in December 2024 with the regulator's approval. Its backing is held separately from the issuer's own property, protecting the assets that support the tokens.

As of September, RLUSD's market capitalization stood at approximately $2.4 billion, with around $1.37 billion on Ethereum and $1.05 billion on the XRP Ledger. The expansion allows businesses to use digital dollars for invoicing and settlements without relying on more volatile cryptocurrencies. That supply remains small next to the largest dollar-pegged tokens in circulation, but its split across two major networks places dollar-equivalent liquidity within reach of applications on both Ethereum and the XRP Ledger.

In its first week on Spark's Stablecoin FX Layer on Uniswap v4, the RLUSD/USDS pair processed more than $600 million. An updated XRP Ledger AI Starter Kit also enables AI agents to make one-time payments using XRP or RLUSD.

While these developments boost liquidity and usage across the two networks, they do not guarantee increased demand or value for XRP, as RLUSD is designed to maintain a dollar value — a function distinct from XRP's fluctuating market price.