Ripple's RLUSD has rapidly ascended to become one of the top 10 USD-pegged stablecoins, achieving this milestone in under a year since its debut. This ascent highlights the growing adoption and confidence in Ripple's stablecoin, marking a significant achievement for the company and the broader digital asset landscape.
Launched in December 2024, RLUSD has experienced substantial growth, reflected in its market capitalization surpassing $1 billion. Data from market tracking platforms like CryptoQuant and Ripple Stablecoin Tracker confirm this milestone, solidifying RLUSD's position among the leading stablecoins. Currently, RLUSD's market cap stands at $1.027 billion, surpassing First Digital USD (FDUSD), which has a market cap of $1.002 billion.
A significant portion of RLUSD tokens, approximately 80% are issued on the Ethereum network, with the remaining 20% on the XRP Ledger (XRPL). Specifically, $819 million worth of RLUSD is hosted on Ethereum, while XRPL holds $208 million.
Ripple has strategically positioned RLUSD to bridge the gap between traditional finance and digital assets. The stablecoin is fully backed 1:1 by liquid assets and is independently verified under the oversight of the New York Department of Financial Services (NYDFS). This commitment to transparency and regulatory compliance has fostered trust and encouraged adoption among institutional and retail users.
Several strategic partnerships have fueled RLUSD's rapid growth. In July, Ripple partnered with The Bank of New York Mellon (BNY) as the primary custodian of the reserves backing RLUSD. This collaboration provides a secure and trusted infrastructure for managing the stablecoin's reserves. Furthermore, in September, Ripple collaborated with Securitize, enabling investors in BlackRock's BUIDL and VanEck's VBILL funds to directly swap their tokenized shares for RLUSD. This integration introduces always-on smart contracts that provide continuous liquidity for tokenized treasury funds. Ripple's expansion into African markets through partnerships with Chipper Cash, VALR, and Yellow Card has further broadened RLUSD's reach, providing access to millions of users across the continent.
Stablecoins like RLUSD play a crucial role in the cryptocurrency ecosystem by providing stability in a volatile market. They are designed to maintain a stable value by being pegged to real-world assets like fiat currencies. RLUSD is optimized for cross-border transactions and is suited for financial institutions looking to enhance remittance services while maintaining regulatory compliance. Ripple has emphasized the potential of stablecoins to strengthen global aid delivery and improve financial access. RLUSD is listed on major global exchanges, including Bybit, Gemini, Kraken, Bitso, Bitstamp, and Bullish.
