Key Highlights
- RLUSD crossed $2 billion in market capitalization, according to Ripple’s August 25 statement and RWA.xyz data.
- RWA.xyz showed about $2.02 billion in RLUSD, including roughly $962.9 million on the XRP Ledger and $1.1 billion on Ethereum.
- The stablecoin had approximately 84,630 holders and $11.81 billion in monthly transfer volume as of August 25.
Ripple’s RLUSD stablecoin has crossed the $2 billion market capitalization mark, with nearly half of its circulating supply on the XRP Ledger (XRPL), according to Ripple and RWA.xyz data.
In an X post on Tuesday, Ripple said RLUSD had crossed $2 billion in market capitalization during the previous week and that close to $1 billion had been issued on the XRP Ledger.
RWA.xyz data showed a total RLUSD value of approximately $2.02 billion as of August 25. About $962.9 million was on XRPL, while roughly $1.1 billion was on Ethereum.
RLUSD supply passes $2 billion
RLUSD’s circulating supply stood at roughly 2.02 billion tokens as of August 25, with the stablecoin designed to maintain a value close to $1.
RWA.xyz recorded approximately 84,630 holders and around 1.39 million monthly transfers. The value of those transfers reached about $11.81 billion over the preceding 30 days.
Stablecoin Metrics on August 25 at 7:35 PM UTC | Source: RWA.xyz
The transfer figure does not directly represent payments or economic settlement. Blockchain transfers can include movements between personal wallets, exchanges, custodians, and other addresses.
The supply figure therefore indicates the size of the RLUSD market, while transfer volume measures the value moved on-chain during the period.
XRPL and Ethereum hold most of the supply
The XRP Ledger held approximately $962.9 million in RLUSD, putting the network close to the $1 billion level referenced by Ripple. Ethereum held roughly $1.1 billion, giving it a slightly larger share of the circulating supply.
The figures show that RLUSD is distributed across both networks rather than being concentrated on the XRP Ledger.
However, the network-level data does not show how the tokens are being used. It does not distinguish between payments, trading, liquidity provision, treasury holdings, or transfers between wallets.
Transfer volume rises as active addresses fall
RWA.xyz data shows different trends across RLUSD’s activity metrics.
Monthly transfer volume reached approximately $11.81 billion, an increase of nearly 17% over 30 days. At the same time, trailing 30-day active addresses fell to about 8,252, down approximately 25.2% from the previous month. The two metrics measure different aspects of blockchain activity. Transfer volume reflects the value moved, while active addresses indicate the number of addresses involved in transactions.
The data therefore shows higher transfer volume alongside fewer active addresses. It does not, however, explain the reason for the change or establish how much of the activity relates to payments or financial settlement.
Ripple tests permission delegation for RLUSD
The market-capitalization milestone comes shortly after a separate development involving RLUSD’s management on XRPL.
On August 22, Ripple was reported to be testing a proposed permission-delegation feature for RLUSD. The feature would allow specific operational permissions to be assigned separately instead of requiring an issuer’s primary keys to handle each function.
The proposed setup is intended to separate responsibilities such as minting, compliance, and security, while keeping the issuer’s primary credentials isolated.
The feature is a technical development and is separate from RLUSD’s circulating supply. Its testing does not by itself demonstrate increased adoption or usage of the stablecoin.
Ripple Prime secures $275 million financing
RLUSD’s growth also follows a separate financing involving Ripple’s institutional business.
On August 19, Ripple Prime raised $275 million as the business expanded its U.S. digital-asset operations. The financing does not directly account for RLUSD’s increase in supply. Ripple Prime’s capital raise and the stablecoin’s market-capitalization growth are separate developments.
Ripple Prime focuses on institutional digital-asset services, while RLUSD operates as a dollar-denominated stablecoin across blockchain networks.
The recent permission-delegation testing and Ripple Prime financing provide separate developments involving RLUSD infrastructure and Ripple’s institutional business. Neither directly explains the change in RLUSD’s circulating supply.
The available blockchain data establishes the size and distribution of RLUSD, but it does not by itself show how much of the stablecoin’s activity represents recurring payments, institutional settlement or other forms of economic use.
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