RLUSD
Updated
What it is
RLUSD is a US-dollar-pegged stablecoin issued by Ripple, backed 1:1 by dollar deposits, short-term US Treasuries, and cash equivalents, launched under a New York Department of Financial Services trust-company charter. It went live on exchanges on December 17, 2024 on the XRP Ledger and Ethereum.
Why it matters lately
RLUSD's market capitalization grew 86% in 2026, reaching about $2.49 billion by September 28, 2026 from roughly $1.34 billion at the start of the year, putting it just behind PayPal's PYUSD among dollar stablecoins. Ripple has also been expanding RLUSD internationally, including a partnership with Japan's SBI Holdings to roll it out in Japan.
Asymmetric Analytics view
Inference (AA): RLUSD is a secondary dollar-stablecoin data point alongside larger issuers, relevant to the graph's stablecoin-regulation and dollar-liquidity threads after the CLARITY Act's failure.