A notable development in the digital currency landscape has emerged with RLUSD$1.0004, a U.S. dollar stablecoin associated with the XRP Ledger, achieving over $1 billion in market capitalization in less than a year since its launch in December 2024. This achievement positions RLUSD as the 10th largest U.S. dollar-backed stablecoin by market cap, according to data compiled by CoinGecko.
The stablecoin is issued by Standard Custody & Trust Company, which is a regulated subsidiary of Ripple based in New York. RLUSD is backed by reserves that include U.S. dollars and short-term U.S. Treasuries, and is tailored for integration into Ripple’s wider payments and liquidity framework. In contrast to the dominant players in the sector, Tether’s USDT with a market cap of $183 billion and Circle’s USDC at $76 billion, RLUSD’s rapid ascent indicates a robust early demand.
Current data from RWA.xyz indicates that RLUSD’s circulating supply is split between $819 million in tokens on the Ethereum blockchain and $203 million on the XRP Ledger. This quick rise to surpass the billion-dollar milestone is significant, as most stablecoins typically take years to reach such a valuation. Analysts suggest that Ripple has managed to leverage its existing customer relationships and a global financial network to drive rapid adoption.
Monica Long, president of Ripple, shared insights into the increasing demand for the firm’s payment services, stating that Ripple has processed nearly $100 billion in payment volume to date, with RLUSD becoming the “primary stablecoin” for payment transactions. “We’ve doubled the number of customers throughout the year,” she noted, adding that Ripple currently holds over 75 global licenses.
In line with its growth strategy, Ripple has made several acquisitions this year to enrich its digital asset offerings for institutional clients. The firm has purchased four companies, notably acquiring the prime broker Hidden Road for $1.25 billion and the stablecoin payments company Rail for $200 million. Recent targets include treasury technology provider GTreasury and wallet infrastructure startup Palisade.
Long emphasized that this year has been monumental for Ripple, both in terms of organic growth and through acquisitions. “It’s been a really big year for us, both organic growth-wise and inorganic growth,” she stated, highlighting a strategy to unify these acquisitions.
She explained that the firm looks for acquisition opportunities that either enhance existing services or enable entry into new markets, citing the acquisitions of Palisade and Rail as enhancing stablecoin payment capabilities and Hidden Road’s role in expanding into the prime brokerage space.
“We’ll continue to be opportunistic with acquisitions. We continue to have a really healthy, large balance sheet,” she affirmed, indicating Ripple’s commitment to strategic growth in the evolving financial landscape.
