Ripple’s RLUSD stablecoin has surpassed a $2 billion market capitalization, marking a major milestone for the token since its December 2024 launch. Nearly $1 billion of the supply is now issued on the XRP Ledger, while Ethereum holds a slightly larger share.

RLUSD Surpasses $2 Billion Market Cap

Ripple said on August 25 that RLUSD crossed $2 billion in market capitalization during the previous week, with close to $1 billion issued on the XRP Ledger.

RLUSD crossed $2B in market cap last week, with close to $1B issued on the XRP Ledger. 📶 Live since December 2024, built for real-world utility and designed for enterprise use cases. $RLUSD is just getting started: pic.twitter.com/K7ZLnkSI0G — Ripple (@Ripple) August 25, 2026

RWA.xyz data places RLUSD’s market value at about $2.02 billion. Of that total, roughly $962.8 million was issued on XRPL, while around $1.05 billion was circulating on Ethereum. Together, the two networks account for nearly all of RLUSD’s supply.

Ripple launched RLUSD in 2024, and the company has positioned the token for real-world financial use cases, including payments and institutional digital-asset activity.

The stablecoin has also seen notable growth in recent weeks. According to RWA.xyz data on August 25, RLUSD’s market valuation rose by approximately 31.45% over the previous 30 days.

XRP Ledger Nears $1 Billion in RLUSD

Ripple’s blockchain strategy places significant emphasis on distribution. Just under $963 million of RLUSD is currently on the XRPL network, bringing the stablecoin’s value on the ledger close to $1 billion.

Ethereum still accounts for a larger share of the supply, though the gap is not large. Ripple says the distribution supports dollar-denominated liquidity for trading, transfers and other financial activity onchain. That said, the supply figures do not show how much RLUSD is actually being used for payments, settlement or other economic activity.

$11.81 Billion in Monthly RLUSD Transfers

Onchain activity also points to rapid expansion. RWA.xyz recorded about $11.81 billion in RLUSD transfers across 1.39 million transactions in the 30 days ending August 25.

This figure should not be interpreted as $11.81 billion in payments or new capital entering the system. Transfer data can include activity between wallets, exchanges, custodians and other addresses.

Even so, the volume suggests RLUSD is being used for more than a simple tokenized dollar balance, and the scale helps explain why the stablecoin’s footprint on XRPL and Ethereum is drawing attention within the broader onchain dollar market.

Ripple Focuses on Institutional Use

Ripple has consistently emphasized enterprise and institutional use rather than retail speculation.

Since launch, RLUSD has expanded across blockchain networks and financial infrastructure to give users additional access to onchain dollar liquidity. The $2 billion milestone underscores that strategy.

Nearly two years after launch, RLUSD’s circulating supply is above $2 billion, with close to half of it on XRPL. For the XRP ecosystem, the growth highlights the role of XRPL in dollar-denominated crypto liquidity.

The remaining question is how much of that supply will be reflected in recurring payments, trading and institutional settlement activity.