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RLUSD The market value of Ripple's stable coin RLUSD exceeded US$2.4 billion, with a monthly increase of more than 50%.
As Ripple further expands its corporate treasury strategy, its issued US dollar stable coin RLUSD soared by more than 50% in one month, and the market value has exceeded the US$2.4 billion mark.
Supply Growth and Reserves Details
Jack McDonald, senior vice president of Ripple stablecoins, highlighted this significant increase in a September 30 post. "RLUSD continues to climb, reaching a market value of approximately US$2.4 billion, an increase of more than 50% in a month," he wrote. He also pointed out that since the beginning of 2026, the average daily trading volume has more than tripled.
According to the attestations (supporting documents) issued by Ripple on August 31, the number of RLUSDs in circulation at that time was 2.326 billion, and the reserve assets were approximately US$2.446 billion. As of September 24, the company reported 2.409 billion units in circulation, while supporting assets reached US$2.531.5 million, which means that reserves are approximately US$122.5 million higher than current supply.
The stablecoin is issued by Standard Custody & Trust Company, and BNY (Bank of New York Mellon) is the main reserve custodian.
Indirect impact on XRP demand
This expansion provides Ripple with another product for the estimated US$13 trillion corporate treasury market, covering areas such as payment processes, liquidity management and settlement. In addition, through Wormhole infrastructure, RLUSD has expanded to Ethereum (ETH), XRP Ledger, and multiple networks including Optimism, Base, Ink and Unichain.
It is worth noting that this growth has not resulted in a one-to-one increase in XRP demand, as companies can hold and transfer RLUSD without having to buy XRP. However, since transactions on XRP Ledger still require XRP to pay fees, the increased activity of RLUSD on the chain may create some fee-related demand.
The distribution of decentralized finance (DeFi) is also expanding. For example, the RLUSD/USDS pair on Spark Finance's stablecoin foreign exchange layer handled more than US$600 million in trading volume in the first week of Uniswap v4's launch. This integration expands the liquidity of stablecoins without tying every RLUSD transaction to XRP.
Rapid changes in cross-chain distribution
Recently, the distribution of RLUSD between different blockchains has undergone rapid changes. In July, XRP Ledger held more RLUSD than Ethereum; but by September 14, Ethereum held approximately US$1.37 billion in RLUSD, while XRP Ledger only had US$1.05 billion. Since July, Ethereum has added approximately US$737 million in RLUSD, while XRP Ledger has only added approximately US$146 million, indicating that the focus of growth is gradually shifting beyond the Ripple-native network.
