Ripple’s stablecoin RLUSD has surpassed $1 billion in market capitalization less than a year after its launch in December 2024.
The milestone makes RLUSD the 10th US dollar-backed stablecoin by market cap, according to data from CoinGecko. Issued by XRP creator Ripple, RLUSD is backed by dollar reserves and short-term US Treasuries, and is designed to integrate into Ripple’s broader liquidity and payments infrastructure.
While RLUSD’s market capitalization remains small compared to the two dominant players in the sector (Tether’s USDT at $183 billion and Circle’s USDC at $76 billion), its rise indicates strong initial demand. The circulating supply of RLUSD is currently split between $819 million in tokens on the Ethereum blockchain and $203 million on the XRP Ledger network, data from RWA.xyz shows.
It has taken years for most stablecoins to reach the billion-dollar mark, and RLUSD’s rapid rise suggests that Ripple has been able to leverage its existing customer base and global financial network to accelerate adoption. The company has marketed the token primarily to institutional clients seeking stable on-chain settlement options, but notable traction among retail users contributed to its rapid growth.
Monica Long, president of Ripple, told CoinDesk in an interview that demand for the company’s payment services has been increasing. Ripple has processed nearly $100 billion in payment volume to date, and RLUSD is the “main stablecoin” used for payment flows, he added.
“We have doubled the number of customers over the year,” Long said, adding that Ripple now holds more than 75 global licenses.
Ripple has been on an acquisition spree this year, purchasing four companies to complement the company’s digital asset offering for institutions and businesses. It acquired prime broker Hidden Road, now Ripple Prime, for $1.25 billion, bought stablecoin payments company Rail for $200 million, with the latest targets being treasury technology provider GTreasury and wallet infrastructure startup Palisade.
“It’s been a really big year for us, both in terms of organic growth and inorganic growth,” Long told Coindesk. “We are assuming all that [to] put all the pieces together.”
Ripple’s acquisition strategy, Long explained, is to find targets that accelerate existing offerings, such as Palisade and Rail, adding stablecoin payment capabilities, or help expand the business into new verticals such as Hidden Road prime brokerage.
“We will continue to be opportunistic [with acquisitions]. “We continue to have a great, really healthy balance sheet,” Long said.
