RLUSD Market Cap Reaches $2.491 Billion, Up 86% Since Beginning of the Year

On September 28, Ripple's stablecoin RLUSD reached a new supply high with a market cap of approximately $2.491 billion, an increase of over 86% from $1.336 billion at the beginning of 2026. Currently, RLUSD is only about $248 million away from PayPal's PYUSD, which has a market cap of approximately $2.739 billion. In the past week, RLUSD's supply increased by about $112 million, while PYUSD decreased by approximately $61 million. At the beginning of this year, PYUSD's supply was around $3.531 billion, peaking at $4.214 billion on March 5, and has since declined by about 35% from its peak. From the perspective of the issuance network, between September 21 and 28, the supply of RLUSD on the XRP Ledger increased from $1.036 billion to $1.099 billion, an increase of about $63 million; the supply on Ethereum rose from $1.343 billion to $1.392 billion, an increase of about $49 million. Currently, the XRP Ledger accounts for approximately 44% of RLUSD's total supply, while Ethereum accounts for about 56%. The total market cap of stablecoins globally is approximately $306 billion, and RLUSD still holds a small share. Ripple is promoting the application of RLUSD on the XRP Ledger, including scenarios such as institutional lending.

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