Ripple’s stablecoin RLUSD has reached a new market capitalization high, with growth exceeding 86% since the beginning of the year. According to current data, the circulating supply of RLUSD has risen to approximately $2.49 billion. The stablecoin’s market capitalization was around $1.33 billion at the beginning of 2026. Thus, RLUSD has recorded growth of over 86% since the start of the year.
The market capitalization gap between RLUSD and PYUSD, issued by PayPal, is also rapidly closing. PYUSD currently has a market capitalization of approximately $2.73 billion, reducing the difference between RLUSD and PYUSD to around $248 million.
Data from the past week has revealed differing trends between the two stablecoins. While the supply of RLUSD increased by approximately $112 million, the supply of PYUSD decreased by approximately $61 million. PYUSD started 2026 with a supply of approximately $3.531 billion and peaked at $4.214 billion on March 5th. The stablecoin’s supply has declined by approximately 35 percent since that peak.
In terms of RLUSD distribution across networks, both XRP Ledger and Ethereum saw growth. Between September 21-28, the RLUSD supply on XRP Ledger increased from $1.036 billion to $1.099 billion, an increase of approximately $63 million. Similarly, the RLUSD supply on Ethereum rose from $1.343 billion to $1.39 billion during the same period, an increase of approximately $49 million.
Currently, approximately 44% of the total RLUSD supply is held on the XRP Ledger, while 56% is held on Ethereum.
While the total size of the global stablecoin market is approximately $306 billion, RLUSD’s market share remains relatively low. However, Ripple has recently accelerated its efforts to increase the use of RLUSD, particularly on the XRP Ledger.
