RLUSD growth
Updated
What it is
RLUSD is Ripple's USD-pegged stablecoin, issued on both the XRP Ledger and Ethereum and redeemable 1:1 for dollars held in reserve. Its market capitalization is the standard proxy for its adoption as a payments and settlement instrument. Growth in RLUSD supply reflects both new issuance for institutional/payments use and migration of liquidity from other dollar tokens.
Why it matters lately
RLUSD's market cap reached $2.49 billion on September 28, 2026, an 86% increase from $1.34 billion at the start of the year, after crossing the $2 billion threshold in late August 2026. Ethereum now holds about 56% of RLUSD supply versus 44% on the XRP Ledger, showing Ripple's stablecoin strategy has become multi-chain rather than XRPL-exclusive.
Asymmetric Analytics view
Inference (AA): RLUSD's 2026 growth trajectory is a tractable proxy for Ripple/XRPL ecosystem liquidity and institutional dollar-settlement demand, feeding ELSI's broader tokenized-dollar flow tracking.