Key facts
- Ripple's regulated stablecoin, RLUSD, reached a new all-time high market cap near $2.5 billion on September 22.
- Total stablecoin supply on the XRP Ledger (XRPL) increased by approximately 6% in a week to $1.19 billion.
- RLUSD accounts for over 92% of the total stablecoin supply on XRPL.
- Mastercard, Stripe, and Tempo integrations have contributed to RLUSD demand.
- Ripple Mint offers institutional players a direct mint-and-redeem channel for RLUSD.
- BNY's 24/7 Treasury settlement initiative places RLUSD at the center of tokenized reserve operations.
Ripple's regulated stablecoin, RLUSD, has achieved a new all-time high market capitalization, nearing $2.5 billion as of September 22. This supply milestone reflects growing adoption and utility within Ripple's payment ecosystem. Simultaneously, the overall stablecoin supply on the XRP Ledger (XRPL) saw a significant increase of approximately 6% over the past week, reaching about $1.19 billion. RLUSD constitutes over 92% of this total supply on XRPL, highlighting its dominance as a single-issuer dollar rail. Demand drivers for RLUSD include Binance XRP rewards for holders, integration with Mastercard for 24/7 settlement, and adoption by Stripe and Tempo for AI agent payment flows. Ripple's institutional offerings, such as Ripple Mint and BNY's treasury settlement push, have also fueled this growth. The stablecoin's expansion into Japan through a partnership with SBI Group further broadens its regulated access. While the increased dollar depth enhances XRP's utility as a bridge asset, the concentration of issuance risk with Ripple and Standard Custody is a key consideration for investors.