RLUSD Overtakes PYUSD as Stablecoin Market Cap Tops $2.71 Billion

Ripple’s RLUSD overtook PayPal’s PYUSD among stablecoins with about $2.7 billion in market capitalization, according to Digital Today, citing Lookonchain data. The report put RLUSD’s market cap above $2.71 billion, marking a change in the reported order of two stablecoins.

That shift followed a steady narrowing of the gap. Lookonchain data showed RLUSD supply at about $2.49 billion in late September, up more than 86% from $1.336 billion at the start of 2026. At that point, RLUSD still trailed PYUSD, then at about $2.739 billion, by roughly $248 million.

PYUSD’s position had weakened from its March 5 peak of $4.214 billion. The token had fallen about 35% from that level, while RLUSD’s supply was rising fast enough for the earlier $248 million gap to close and reverse.

RLUSD launched in December 2024, putting the reported milestone less than two years after its debut. Digital Today said its growth coincided with a run of institutional partnerships and exchange integrations, with Coinbase the latest.

What changed with Coinbase?

Ripple said in an October 28 press release that retail and institutional clients can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. The arrangement includes 1:1 conversion from U.S. dollars, creating an on-ramp and off-ramp for the token through those Coinbase channels.

The integration widens the distribution path for RLUSD, but the report does not attribute the supply increase to one exchange alone. It described the growth as coinciding with a sequence of institutional tie-ups and integrations, and presented Coinbase as the latest addition to that rollout.

The Block reported that deposits and withdrawals are supported on the XRP Ledger, Ethereum and Coinbase’s Base network. For clients, that establishes the initial transfer rails across which RLUSD can move, while the 1:1 dollar conversion covers the U.S.-dollar side of the transaction.

Ripple has also said it will provide liquidity for RLUSD on Base. The commitment addresses the trading side of the Base integration, complementing transfer support on XRP Ledger and Ethereum and dollar conversion through Coinbase.

Support for Coinbase Global Exchange customers, including using RLUSD as collateral, is expected to follow. Once available, that would give customers a use beyond trading and managing the token: posting it as collateral, subject to the exchange’s implementation.

Brett Tejpaul, Co-CEO of Coinbase Institutional, described the addition as “another step toward the everything exchange,” according to Ripple’s release. His wording placed RLUSD inside Coinbase’s broader institutional offering, which now spans Prime, Exchange and Retail access for client activity.

The ranking remains provisional. Digital Today noted that stablecoin standings can change quickly as supply is issued and redeemed, and that the order could shift again in the coming days. The late-September snapshot captured RLUSD below PYUSD before the reported crossover, so the latest lead should be read as a supply-sensitive snapshot rather than a permanent hierarchy.

Operationally, the test over the coming days is whether the new Coinbase routes, Base liquidity and planned collateral feature translate into continued growth in RLUSD supply. Redemption or another issuance cycle could reset the order, which is why distribution and usable liquidity matter more to the next phase than a momentary market-cap ranking.