Ripple’s RLUSD Joins Top 10 USD Stablecoins in Record Time

Ripple USD, the stablecoin launched by XRP issuer Ripple, has achieved a noteworthy milestone in its market journey by surpassing a $1 billion market capitalization, achieving this less than a year after its debut.

Key Takeaways

Rapid Growth: Ripple USD (RLUSD) reached a market cap of over $1 billion shortly after its launch in December 2024.
Market Position: As of now, RLUSD is the 10th largest USD stablecoin by market cap, with daily trading volumes around $174 million.
Wider Adoption: Initially aimed at enterprises, RLUSD is increasingly popular among retail users via platforms like Transak and self-custodial wallets.
Technological Dominance: 80% of RLUSD is issued on Ethereum, while 20% operates on the XRP Ledger.
Strategic Expansion: Ripple is enhancing its services and expanding its over-the-counter (OTC) offerings for digital asset trading in the US.

Ripple’s RLUSD enters top 10 USD stablecoins less than year after debut

Ripple USD’s Market Milestone

Ripple USD officially launched in December 2024 and made a significant mark, breaking the $1 billion milestone on Monday, just days after hitting $900 million on October 24, according to data from CoinGecko. Ripple commented on this achievement via an X post stating, “With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide. This is how we advance the future of finance.”

Ranking in the Stablecoin Space

While RLUSD still trails behind dominant stablecoins like Tether’s USDt, it has cemented its position as the 10th largest USD-based stablecoin by market capitalization. On the trading front, RLUSD boasts daily volumes of approximately $174 million, which is on par with PayPal USD.

Top 10 USD-pegged stablecoins by market capitalization. Source: CoinGecko

Adoption Beyond Enterprises

Originally promoted as an “enterprise-focused” stablecoin, RLUSD has attracted a considerable number of retail users, especially through its integration with services such as Transak and increasing usage in self-custodial wallets like Xaman. Data from RWA.xyz indicates that RLUSD continues to thrive, with approximately 80% of its issuance on Ethereum and a growing share of around 20% on the XRP Ledger.

Ripple’s OTC Expansion Announcement

This achievement for RLUSD coincides with Ripple's announcement regarding the expansion of its over-the-counter (OTC) services. The company will now offer digital asset spot prime brokerage for the US market. This expansion follows Ripple's acquisition of the crypto-friendly prime broker Hidden Road, a part of a $1.25 billion deal that was finalized in October.

Related Insights

Ripple’s drive for growth continues as it seeks innovative solutions. For insights into broader market trends, check out our piece, “Bitcoin may drop 70% before hitting $1M,” featured in the Hodler’s Digest for the week of October 26 to November 1.

By continually enhancing its offerings and pushing towards significant milestones, Ripple is becoming a key player in the evolving landscape of cryptocurrency and blockchain technology.