Ripple’s dollar-pegged stablecoin RLUSD has crossed a key milestone of $500 million market capitalization. This notable traction comes only within seven months of its launch while marking a solid foothold for Ripple in the fast-growing stablecoin sector.
The achievement for RLUSD came late on July 8 as steady minting and exchange demand pushed RLUSD’s circulating supply past 500 million tokens amid discussions around regulating stablecoins in the U.S.
Latest data from CoinMarketCap show about 501 million RLUSD in circulation, valuing the stablecoin’s market cap at roughly $501 million and placing it 108th among all crypto assets by market size.
Ripple USD (RLUSD) Market Cap — Source: CoinMarketCap Ripple unveiled RLUSD in December 2024, stating every token was fully backed by cash, short-term US Treasuries, and other cash equivalents held in segregated accounts. The firm also pledged monthly reserve attestations by an independent auditor.
RLUSD’s growth accelerated after April, when it was added to Ripple Payments for enterprise transfers and, more recently, after Ripple struck an on-ramp deal with bank-as-a-service provider OpenPayd. On-chain data showed more than 16 million fresh tokens have minted since July 1, helping lift its total value over the symbolic threshold.
Analysts say this jump, while small beside giants USDT and USDC, signals rising appetite for fully audited and compliant alternatives. Whether RLUSD can hold its new level remains to be seen as it depends on further exchange listings and the outcome of the US stablecoin legislation now working through Congress.
