Ripple’s stablecoin RLUSD is quickly becoming a standout player in the digital dollar space, with its circulating supply jumping nearly 50% in June alone.
Data from DeFiLlama shows the asset now surpassing $455 million in issuance, reflecting a surge of more than $150 million this month.
Much of that growth has come from Ethereum, where RLUSD’s presence has expanded rapidly — quadrupling since the start of the year and now holding around $390 million. The remainder, roughly $65 million, is held on the XRP Ledger, Ripple’s native blockchain.
Analysts attribute RLUSD’s momentum to a combination of favorable regulatory shifts and Ripple’s improved legal position. The recent passage of the GENIUS Act in the U.S. has been especially impactful, laying out a clear legal structure for issuing dollar-backed stablecoins. That clarity has boosted market confidence and provided fertile ground for growth.
Meanwhile, Ripple’s long-standing legal battle with the U.S. SEC appears to be winding down. CEO Brad Garlinghouse confirmed the company is withdrawing its cross-appeal, signaling a truce that could open the door to broader institutional adoption.
Launched in December 2024, RLUSD is issued under a New York trust license and backed by cash and short-term U.S. Treasurys. It was built to meet global compliance standards — a strategic decision now paying off.
That global push includes the Middle East, where RLUSD recently received approval from Dubai’s Financial Services Authority. This nod allows companies operating in the DIFC — a financial center with over 7,000 businesses — to use the stablecoin for payments, asset management, and more. With expanding reach and regulatory support, RLUSD looks poised to become a key player in the next wave of stablecoin adoption.
