Ripple’s RLUSD enters top 10 USD stablecoins less than a year after debut

Ripple USD, a stablecoin created by XRP issuer Ripple, has crossed a $1 billion market capitalization, marking a major milestone less than a year after its launch.

Officially launched in December 2024, the Ripple USD (RLUSD) stablecoin has achieved a remarkable 1,278% year-to-date growth in market capitalization.

The stablecoin first broke through the $1 billion mark on Monday, just a few days after reaching $900 million on Oct. 24, according to CoinGecko data.

“With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide,” Ripple said in an X post on Monday, adding: “This is how we advance the future of finance.”

10th largest US dollar stablecoin

Although RLUSD remains far behind stablecoin giants such as Tether’s USDT (USDT) with $183 billion and Circle’s USDC (USDC) with $75 billion in market cap, Ripple’s stablecoin has emerged as a serious contender among US dollar–pegged stablecoins.

At the time of writing, RLUSD ranks as the 10th largest US dollar stablecoin by market capitalization, with daily trading volumes of $174 million, comparable to PayPal USD (PYUSD) and Dai (DAI), which are ranked seventh and fifth, respectively.

Top 10 USD-pegged stablecoins by market capitalization. Source: CoinGecko

Initially marketed as an “enterprise-focused” stablecoin, RLUSD has gained notable traction among retail users, particularly through integrations with platforms like Transak and growing adoption across self-custodial wallets, such as Xaman.

According to data from RWA.xyz, Ethereum-issued RLUSD continues to dominate with an 80% share, while XRP Ledger-based RLUSD has grown to around 20%.

Related: Ripple seeks to buy $1 billion XRP tokens for new treasury: Report

RLUSD’s milestone came amid Ripple's announcement of an expansion of its over-the-counter (OTC) services to include digital asset spot prime brokerage for US markets on Monday.

The OTC expansion followed Ripple’s acquisition of crypto-friendly prime broker Hidden Road as part of a $1.25 billion deal finalized in October.

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