RLUSD Growth Adds Liquidity, But What Does it Mean for XRP Ripple?

The XRP Ripple RLUSD stablecoin has achieved a market capitalization of approximately $2.4 billion, supplying digital-asset markets with an additional source of dollar liquidity.

Jack McDonald, Ripple’s senior vice president of stablecoins, noted in a September 30 update that RLUSD expanded by more than 50% over the course of a month, while average daily activity more than tripled since the year’s beginning.

The $RLUSD monthly independent attestation for August is now live! And your quick rundown of the latest…

1/ $RLUSD continues to climb, reaching ~$2.4B in market cap, up more than 50% in a month. What’s more exciting… average daily activity has more than tripled since the start…

— Jack McDonald (@_JackMcDonald_) September 30, 2026

According to Ripple’s transparency dashboard as of September 24, there were $2.409 billion in circulating tokens alongside $2.5315 billion in reserve funds. These metrics highlight the scale of the dollar-linked currency, though its rising supply does not automatically generate higher demand or an increased price for XRP.

RLUSD is distributed across both the Ethereum network and the XRP Ledger (XRPL), which serves as Ripple’s public network for asset transfers. This growth can enhance liquidity and settlement volume across those networks, even though the investment case for XRP remains separate from the dollar-pegged utility of the stablecoin.

What do the RLUSD Reserve Figures Show?

(RWA.xyz)

The snapshot from the September 24 dashboard records the amount of circulating RLUSD and reserve funds at different totals, leaving reserves roughly $122.5 million higher than the circulating supply. Because this comparison applies strictly to that specific date, it should not be combined with the separate August attestation, which reflects earlier data points.

For August 31, the independent attestation documented 2,325,969,308 outstanding tokens alongside reserve assets valued at $2,446,312,864, which is approximately $120.3 million above the token supply. Published on September 29, the examination reviewed figures from August 17 and August 31. Ripple’s transparency dashboard releases monthly reserve reports, providing readers with dated metrics rather than a single, combined balance.

RLUSD is engineered to mirror the U.S. dollar. Redemption mechanisms and reserve backing support this objective by supplying assets intended to back the tokens in circulation and facilitate their exchange for dollars.

What Does the Growth of RLUSD Mean for XRP Ripple?

Market Cap

24h
7d
30d
1y
All Time

Ripple issues RLUSD through its subsidiary, Standard Custody & Trust Company, which operates under the regulation of the New York State Department of Financial Services. The backing for RLUSD is kept separate from the issuer’s property to safeguard the assets supporting the tokens.

By September, RLUSD held a market cap near $2.4 billion, split between roughly $1.37 billion on Ethereum and $1.05 billion on the XRP Ledger. This expansion enables businesses to conduct settlements and handle invoicing using digital dollars without depending on volatile cryptocurrencies.

During its initial week on Uniswap v4 via Spark’s Stablecoin FX Layer, the RLUSD/USDS pair handled more than $600 million in volume. Additionally, the updated XRP Ledger AI Starter Kit permits artificial intelligence agents to execute one-time transactions utilizing either XRP or RLUSD. Although these developments improve usage and liquidity, they do not guarantee higher value or increased demand for XRP, given that RLUSD is built to maintain a stable dollar value independent of XRP’s fluctuating market price.