Ripple's RLUSD Adds $228.8 Million in a Flat Stablecoin Market

Ripple's dollar-pegged stablecoin RLUSD added $228.8 million to its market capitalization in the 30 days ending Nov. 4, reaching roughly $2.57 billion while much of the broader stablecoin market stayed flat or contracted. The figure extends a growth streak that has seen the token climb more than 88% year to date by late October, according to market-cap data for the period.

The supply is split across two chains. About $1.72 billion in RLUSD circulates on Ethereum, while roughly $850 million to $870 million sits on the XRP Ledger. Single-day mints on the XRP Ledger recently topped $110 million — a scale of issuance few stablecoins outside the top tier reach in a day.

How RLUSD grew while rivals stalled

A mint creates new tokens, usually after a dollar deposit, and large holders can redeem RLUSD as quickly as they mint it. That mechanic means supply can shift sharply as institutional activity changes, so the 30-day gain reflects sustained demand rather than a one-off issuance event. Against a stablecoin market that remained flat or contracted over the same window, RLUSD's $228.8 million expansion marks a clear divergence from the sector's baseline.

The token began 2026 with a market capitalization of about $1.28 billion. By late October it had added more than $1.2 billion in supply, one of the faster expansion rates among post-2024 stablecoin launches.

What backs the token — and who watches it

Ripple launched RLUSD on Dec. 17, 2024. The token is backed by cash, cash equivalents and short-term U.S. Treasury securities, and carries independent attestations plus an investment-grade rating from Moody's.

A regulatory milestone arrived in late October. The Office of the Comptroller of the Currency (OCC) granted final approval, effective Oct. 26, for Ripple National Trust Bank to manage RLUSD's reserves. That decision moves reserve custody under federal banking supervision — a structure that matters for institutional adoption, since trust-bank oversight addresses the counterparty questions that have slowed corporate stablecoin adoption since the collapse of reserve-managed tokens in earlier cycles.

Distribution widened in the same period. RLUSD gained listings and integrations with Coinbase and Robinhood during late October, placing the token in front of both exchanges' retail user bases within weeks of the OCC approval.

What comes next

RLUSD's trajectory now depends on whether institutional minting on the XRP Ledger and Ethereum keeps pace with the new exchange liquidity. The OCC approval effective Oct. 26 opens a window for Ripple to market the token to bank and payment-network clients that require federally supervised reserve management; whether that translates into sustained supply growth will show in the token's mint-and-redemption data over the coming quarter.