RLUSD Crosses $2.5B ATH While XRPL Quietly Turns Into Ripple's Dollar Monorail 🚂

Ripple's regulated stablecoin RLUSD printed a fresh market cap all-time high near $2.5 billion on September 22, according to tracker data from CoinMarketCap and RWA.xyz, which currently place circulation between $2.4 billion and $2.5 billion. The supply milestone extends a climb that began after Ripple officially marked $2 billion in RLUSD circulation in late August.

Total stablecoin supply on the XRP Ledger (XRPL) rose roughly 6% in a week to approximately $1.19 billion, per DefiLlama, with RLUSD accounting for more than 92% of that base. The concentration makes XRPL effectively a single-issuer dollar rail, with issuance and custody centralized through Ripple and Standard Custody.

Growth in RLUSD has tracked a string of distribution and integration announcements, including Binance rewards programs, a Mastercard settlement rollout, and the SBI Japan launch. Market participants cited by tracker dashboards are now watching whether RLUSD supply holds above the $2.5 billion mark in coming sessions.

The stablecoin's expansion comes alongside continued RLUSD activity on the XRP Ledger, where settlement and tokenization use cases have been positioned by Ripple as core payment-rail infrastructure. Standard Custody serves as the primary custodian for the reserves backing the token.