Ripple's dollar-backed stablecoin, @Ripple's $RLUSD, reached a new all-time high supply of $2.734 billion on November 11, 2026. The milestone extends a run of records for the token since it launched in December 2024.

Most RLUSD Is Issued on Ethereum

The majority of the stablecoin is hosted on @Ethereum. Around $818.57 million sits on Ripple's own @XRP Ledger, which means the network built around $XRP carries a minority share of the token's supply.

That split has been widening. In late June, the XRP Ledger overtook Ethereum as the main network for RLUSD, before Ethereum took back the lead in late August. By early November, $1.72 billion was on Ethereum, while the XRP Ledger held $850 million, according to DefiLlama data cited by KuCoin News. Both networks are native issuance chains. DefiLlama describes RLUSD as natively issued on the XRP Ledger and Ethereum, fully backed by a segregated reserve of cash and cash equivalents and redeemable 1:1 for US dollars.

Growth has been rapid. RLUSD started 2026 at about $1.28 billion, according to Crypto Briefing, which also reported that it gained ground while the overall stablecoin market cap was flat or shrinking. Separately, RLUSD surpassed $2.69 billion in market capitalization, overtaking PayPal USD at roughly $2.67 billion to become the seventh-largest stablecoin, according to CoinMarketCap data as of November 13.

Regulatory and distribution developments have supported demand. In late October, the Office of the Comptroller of the Currency (OCC) gave final approval, effective Oct. 26, for Ripple National Trust Bank to manage RLUSD's reserves, and RLUSD gained listings and integrations with Coinbase and Robinhood.

What It Means for XRP Holders

Despite the stablecoin's success, there is no clear mechanism, beyond possible XRP Ledger transaction fees, to convert RLUSD's growth into economic value for $XRP holders.

Market data points to a divergence between the two assets. RLUSD's market cap grew about 112% between January 1 and November 13, while XRP fell 44.5% over about the same period, according to 24/7 Wall St. The same report noted that RLUSD can circulate among banks, exchanges and traders without anyone buying XRP, and much of it sits on Ethereum instead.

Ripple has said it wants to deepen RLUSD's use on its own network. CEO Brad Garlinghouse said RLUSD competes with other stablecoins, not XRP, and aims to expand use cases on the XRP Ledger. Whether that translates into greater demand for $XRP remains unclear.

Supply figures vary by data provider and date, as trackers such as DefiLlama, CoinMarketCap and RWA.xyz use different methodologies and refresh at different times.

Sources

Crypto Briefing: Ripple's RLUSD stablecoin market cap grows $229M in 30 days

24/7 Wall St.: Ripple's RLUSD Passes PayPal's PYUSD, What It Means for XRP Holders

DefiLlama: Ripple USD (RLUSD) Market Cap, Supply and Peg Chart