RLUSD Quietly Joins the $1.64B Club — Now Comes the Hard Part 💸

Ripple USD [RLUSD] has crossed $1.64 billion in market capitalization, cementing its position among the largest dollar-backed stablecoins. The figure underscores continued supply expansion and adoption since launch, widening RLUSD's lead over smaller competitors. At press time, daily trading volume stood at $71.3 million, pointing to steady activity as the token extends its reach across payment and settlement networks. For context, Tether [USDT] holds roughly $186.4 billion in market cap, while USD Coin [USDC] trails at nearly $75 billion — a reminder of the scale gap still facing the native U.S. dollar-pegged stablecoin of the Ripple [XRP] ecosystem.

RLUSD's growth is increasingly being driven by distribution rather than issuance alone. On June 15, Ripple announced RLUSD's launch on Gate.io, introducing XRP/RLUSD trading alongside Bitcoin [BTC], Ethereum [ETH], and USDT pairs. The listing broadens access to the stablecoin and creates additional liquidity routes across the XRP ecosystem, exposing RLUSD to a larger user base while improving capital movement between digital assets.

The token is also shifting from a supply-growth story to a utility-driven one. According to DeFiLlama data, RLUSD now controls roughly 98% of XRPL stablecoin liquidity, representing about $760 million in value. Transfer volume exceeded $26 billion during Q1, while daily transactions regularly surpassed two million, indicating that users are actively moving capital through RLUSD rather than holding it passively.

Ripple's push into enterprise payments is opening a second growth avenue. If institutional settlement activity continues rising, RLUSD could further strengthen XRPL liquidity. Sustained adoption across wallets, transfer volume, and exchange liquidity will determine whether the stablecoin's expanding reach translates into lasting market relevance beyond the XRP ecosystem.