* RLUSD reached $1.26B market cap in under a year to become the third-largest U.S.-regulated stablecoin.
* The stablecoin’s supply jumped 28% in November alone driven by exchange listings and institutional pilots.
* RLUSD transactions on XRP Ledger burn XRP as network fees, creating a deflationary link between stablecoin growth and XRP supply.
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Ripple’s USD-backed stablecoin, RLUSD, has hit a $1.26 billion market cap in less than a year. That makes it the third-largest among U.S.-regulated stablecoins positioned for GENIUS Act compliance when the federal framework takes effect in 2027.
RLUSD launched in December 2024 as an enterprise-grade, dollar-pegged token fully backed 1:1 by cash and short-term U.S. Treasuries. It runs on both the XRP Ledger and Ethereum, giving it access to fast cross-border payments and deep DeFi liquidity.
The stablecoin’s circulating supply jumped 28% in November alone to reach the billion-dollar mark. It now sits behind only USDC and PayPal’s PYUSD among U.S.-regulated dollar tokens. Strategic exchange listings, institutional pilots with major financial players, and dual-chain architecture drove the climb.
Here’s how RLUSD reached $1.26 billion, why its regulatory positioning matters, and what this means for XRP (CRYPTO: XRP).
RLUSD’s Rapid Rise to a $1.26 B Market Cap in Under a Year
Ripple USD launched in December 2024 as an enterprise stablecoin issued by Standard Custody & Trust Company, a Ripple subsidiary operating under a New York trust charter. The NYDFS license subjects RLUSD to one of the world’s strictest regulatory regimes. Each token is backed 1:1 by cash and short-term U.S. Treasuries held in segregated accounts, and Ripple publishes monthly reserve attestations to maintain transparency.
This regulatory foundation drove rapid adoption in 2025. By early November, RLUSD crossed $1 billion in market cap. The stablecoin then climbed from about $960 million at the start of November to $1.26 billion by early December — the 30% monthly jump pushed RLUSD into the top tier globally.
How RLUSD Reached $1.26B Market Cap
RLUSD reached the $1.26 billion milestone as a result of Ripple’s strategic integrations and institutional adoption. Here are the three key drivers of RLUSD’s growth.
Major Exchange Support Drove Liquidity
U.S.-regulated crypto platforms embraced RLUSD quickly. Gemini made RLUSD a base currency for trading and waived fees on RLUSD/USD pairs. The exchange called it an “industry-leading” stablecoin backed by safe assets.
