Ripple’s dollar-pegged stablecoin RLUSD has crossed a new threshold, reaching an all-time high onchain market cap of $1.7 billion.

The growth isn’t just a slow drip, either. RLUSD’s circulating supply surged roughly 100% to about $660 million over the prior quarter alone.

From zero to $1B in under a year

RLUSD launched on December 17, 2024, with approval from the New York Department of Financial Services. The token crossed the $1 billion market cap mark in just 323 days after launch.

Binance listed RLUSD in January 2026, giving the token access to the world’s largest crypto exchange by trading volume. OKX followed in April 2026, bringing support for over 280 trading pairs and derivatives collateral.

Where the supply actually lives

Roughly 80-82% of RLUSD’s supply circulates on Ethereum, not on Ripple’s own XRP Ledger. The remainder sits on XRPL.

Ripple has plans to extend RLUSD to several Ethereum Layer-2 networks, including Optimism, Base, Ink, and Unichain, using Wormhole as the bridging infrastructure.

What this means for investors

RLUSD’s growth validates the thesis that regulated stablecoins have a growing addressable market. The doubling of supply in a single quarter suggests that real capital is flowing into RLUSD.

Ripple has positioned RLUSD as a complementary asset to XRP in its cross-border payments infrastructure. More RLUSD adoption means more transaction volume flowing through Ripple’s network.

With over 80% of supply on a single chain, any major disruption to Ethereum would disproportionately affect RLUSD. The Layer-2 expansion plan includes Optimism, Base, Ink, and Unichain via Wormhole to mitigate this concentration.