Ripple’s stablecoin RLUSD, launched in 2024, remains small at $740M versus USDT’s $170B. A new partnership with Securitize enables RLUSD use in BlackRock’s $2B BUIDL and VanEck’s VBILL RWAs, though only on Ethereum — not Ripple’s XRPL. While progress is noted, XRP remains sidelined, raising doubts about Ripple’s broader strategy and market impact.
The Ripple stablecoin RLUSD is still waiting for its big breakthrough, but things are happening in the background. Securitize now allows RLUSD in the RWA segment, providing access to BlackRock’s market leader BUIDL.
When Ripple launched its own stablecoin, RLUSD, in December 2024, it was seen as a challenge to market leaders Tether (USDT) and USDC. However, with a current market capitalization of $740 million, RLUSD remains a niche player among the major stablecoins. Tether accounts for a good $170 billion and USDC for around $74 billion.
However, Ripple has now announced a success in its search for potential uses for RLUSD in a press release. A cooperation with the Securitize platform is opening up new avenues for RLUSD in the Real World Assets (RWA) segment.
Securitize is the market leader in the tokenization of real assets and organizes RWAs with BlackRock, VanEck, and other asset managers. According to Ripple, RLUSD can now be used with BlackRock’s BUIDL. The data service rwa.xyz lists BUIDL as the most successful crypto RWA, with a capitalization of $2 billion; BUIDL has tokenized US Treasury bonds.
Furthermore, RLUSD is now approved for use with VanEck’s VBILL RWA, which also has a capitalization of approximately $74 million in US Treasury bonds. Both RWAs are launched on various blockchains and also work with the USDC stablecoin.
Ripple CEO Brad Garlinghouse celebrates the new capabilities for RLUSD on X and emphasizes the ability to withdraw BUIDL or VBILL using RLUSD at any time. However, from Ripple’s perspective, there’s a downside: Securitize is initially only integrating the RLUSD version established on the Ethereum blockchain. The RLUSD version running on the Ripple network XRPL remains excluded for BUIDL and VBILL until further notice.
Ripple’s original cryptocurrency, XRP, plays no role in Securitize, BUIDL, or VBILL. XRP is only relevant for RLUSD if the stablecoin is used in its XRPL version, and fees must then be paid in XRP. This raises the question again for critical investors: Is XRP still actively supported by Ripple, or is the altcoin being sidelined?
Ripple’s small successes in the RWA sector should not be overestimated either; rwa.xyz measures just under 2 percent market share for the XRPL network, while Ethereum and related Layer 2 solutions dominate a good 75 percent. As has often been the case in the past, Ripple’s success stories appear exaggerated upon closer inspection and leave XRP out of the equation.
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