Ripple’s RLUSD stablecoin market cap grows $229M in 30 days

Ripple's dollar-pegged token added $228.8 million in a month while much of the stablecoin market stayed flat

Mon 9 Nov 2026 · 05:25 EST · 3 min read

In Stablecoins

Ripple’s stablecoin, RLUSD, added $228.8 million to its market capitalization over the past 30 days.

The gain puts RLUSD’s market cap at approximately $2.57 billion as of November 4, 2026. For a token that turns two in December, it is growing up quickly.

The numbers behind the climb

RLUSD started 2026 at about $1.28 billion. By late October, it had grown more than 88% year-to-date.

Total supply now sits between $2.5 billion and $2.6 billion. Most of it lives on two blockchains.

Ethereum hosts the larger share, at roughly $1.72 billion. The XRP Ledger, Ripple’s home network, holds approximately $850 million to $870 million.

The XRP Ledger side is not quiet, though. Single-day mints on that network have recently topped $110 million.

A mint is when new tokens are created, usually because someone deposited dollars and wants the digital version. Nine-figure mints in one day suggest large players are moving in, not just retail users testing the waters.

RLUSD has also beaten several larger rivals on net supply gains during this stretch. In a market that mostly moved sideways, that made it the kid still growing while classmates hit their final height.

What is driving the demand

Several things lined up for RLUSD in late October.

First came the regulatory piece. The Office of the Comptroller of the Currency gave final approval to Ripple National Trust Bank to manage the stablecoin’s reserves, effective October 26, 2026.

The OCC is the federal agency that oversees national banks. Its approval means a federally supervised trust bank now handles the reserves behind RLUSD.

Distribution followed. RLUSD gained listings and integrations with Coinbase and Robinhood in late October.

Then there is the backing. RLUSD is supported by cash, cash equivalents and short-term US Treasuries. It is subject to independent attestations and carries an investment-grade rating from Moody’s.

Background: a young token in a crowded field

Ripple launched RLUSD on December 17, 2024. The company positioned it as a dollar-pegged token for a range of financial uses, in line with its broader push to turn digital assets into practical infrastructure.

RLUSD’s approach has leaned on regulatory credibility and multichain reach. Running on both Ethereum and the XRP Ledger lets it serve DeFi users and Ripple’s existing payments network at the same time.

Ripple also has bigger plans. The company projects a $900 million annualized product revenue run rate by year-end 2026.

What this means

The clearest signal is relative strength. RLUSD gained ground while the overall stablecoin market cap was flat or shrinking.

There are caveats. At roughly $2.57 billion, RLUSD remains a small player next to the stablecoin giants.

Growth driven by a handful of big mints can also be lumpy. Large holders can redeem as fast as they mint, so supply could swing if a few institutions shift strategy.

Watch the supply split between Ethereum and the XRP Ledger in coming months. A rising XRP Ledger share would suggest Ripple’s payments network is pulling real stablecoin demand onto its home chain.

Also watch whether net supply keeps growing after the late-October catalysts fade. Exchange listings and regulatory approvals tend to deliver a one-time bump.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.