Ripple's RLUSD token has reached an onchain market capitalization of $1.7 billion, its highest level since the stablecoin launched. The milestone underscores growing demand for the dollar-pegged asset as Ripple pushes deeper into the digital payments space.
The $1.7 Billion Milestone
RLUSD's onchain market cap—the total value of tokens held on the XRP Ledger and other supported blockchains—climbed past $1.7 billion this week. That figure reflects the amount of RLUSD in circulation, not counting tokens held in reserve or on centralized exchanges. The previous peak was below $1.5 billion, according to data from Ripple's tracking dashboard.
The token's supply has increased steadily over the past year, driven by demand from institutional users and retail platforms. Ripple has not disclosed the exact number of tokens issued, but the market cap jump suggests new issuance or increased secondary market activity.
What RLUSD's Growth Signals
Stablecoins tied to the U.S. dollar remain the most widely used crypto assets for payments, remittances, and trading. RLUSD's rise places it among the top five dollar-pegged tokens by onchain market cap, behind giants like USDT and USDC but ahead of newer entrants.
For Ripple, the growth validates its strategy of integrating RLUSD into cross-border payment corridors. The company has been marketing the token as a faster, cheaper alternative for sending money across borders, especially in regions with limited banking infrastructure.
Ripple's Broader Stablecoin Push
Ripple launched RLUSD in early 2024 after years of regulatory uncertainty. The token is minted on the XRP Ledger and also available on Ethereum and Binance Smart Chain through bridges. Ripple has partnered with several payment firms to use RLUSD for settlement, though no specific volumes have been disclosed.
The $1.7 billion market cap puts RLUSD ahead of some older stablecoins, but it still lags far behind the $100 billion-plus market caps of USDT and USDC. Still, the all-time high signals that Ripple's bet on a Ripple-branded stablecoin is gaining traction.
Whether RLUSD can hold that level—or climb higher—will depend on continued adoption by exchanges, payment processors, and everyday users. Ripple has not announced a specific target for the token's supply, but the company has said it plans to expand RLUSD's use beyond payments into decentralized finance.
