Ripple’s RLUSD Supply Tops $2 Billion in Less Than Two Years
Key Takeaways
- •Ripple's RLUSD stablecoin has surpassed $2 billion in circulating supply, with nearly $1 billion of it issued on the XRP Ledger.
- •Total stablecoin supply across networks fell about 6% from its May peak, while RLUSD supply on XRPL grew 39% to $938 million over the same period.
- •In the past 30 days, $450 million in RLUSD was issued on XRPL and fully redeemed, well above the 177 million redeemed on Ethereum out of 403 million issued there.
- •Active XRP addresses increased 654%, rising from 47,180 to 365,070, according to Santiment.
- •XRP climbed 29% over the past seven days and briefly crossed $1.6 on August 22 before falling 5.6% to $1.378 in the last 24 hours.
Ripple’s RLUSD supply has surpassed the $2 billion mark, a milestone the company announced on X. Ripple said that nearly $1 billion of the circulating supply was issued on the XRP Ledger (XRPL), underscoring that the network is carrying a meaningful share of the stablecoin’s issuance.
Ripple launched RLUSD in December 2024 and positioned the stablecoin for institutional use. Commenting on the milestone, Jack McDonald, Ripple’s senior vice president for stablecoins, said it was further evidence of momentum behind RLUSD.
“From institutional partners like @BNYglobal to growing exchange adoption and real-world use cases, we’re building the infrastructure and distribution for scale,” McDonald said.
Stablecoin Supply Grows on XRPL as Network Activity Rises
The increase in RLUSD circulating supply comes amid a broader rise in stablecoin activity on XRPL. While stablecoin supply across several networks has generally contracted, XRPL has moved in the opposite direction, making RLUSD’s expansion more notable in the context of a market where supply growth has not been uniform.
According to XRP treasury company Evernorth, total stablecoin supply across networks has fallen by about 6% since peaking in May. Over the same period, Ripple RLUSD supply on XRPL has increased by 39% to $938 million.
In the past 30 days, $450 million in RLUSD was issued on XRPL, and all of it has been redeemed. That figure is well above the 177 million RLUSD redeemed on Ethereum out of the 403 million issued there during the same period.
Ripple’s push to position XRPL for institutional use may be supporting that growth. The company recently announced a partnership with Cicada and Clearpool to launch an institutional lending platform on the network.
Network activity has also climbed sharply. Active XRP addresses rose by 654%, increasing from 47,180 to 365,070, according to Santiment. Crypto analyst Ali Martinez has attributed the increase to higher network participation.
XRP Pulls Back After Strong Weekly Gain
The momentum surrounding XRPL and Ripple RLUSD has also coincided with movement in XRP’s price. The token is up 29% over the past seven days amid a broader crypto rally.
XRP briefly crossed $1.6 on August 22, reaching its highest level since February 2026, before pulling back. Over the past 24 hours, XRP has fallen 5.6% to $1.378.
The decline leaves XRP down 25% year-to-date and more than 50% over the past 12 months. The move also makes XRP the worst-performing major-cap cryptocurrency over the last 24 hours.
Even so, the token remains one of the best-performing digital assets over the past week, with only ZEC outperforming it.
