**Ripple**, the issuer of the stablecoin Ripple USD (RLUSD), has seen its market capitalization rise by more than 50% over the past month, breaking through $2.4 billion. The company is now looking to use this momentum to move into the corporate treasury market in earnest.
Key point
RLUSD’s market capitalization has surged by more than 50% in a month, surpassing $2.4 billion.
As of September 24, Ripple reported $2.409 billion in circulating RLUSD and $2.51315 billion in reserves.
While stablecoin growth boosts network activity, demand for won-based tokens (native tokens) may not increase by the same amount.
RLUSD supply expansion trend
RLUSD recently surpassed a market capitalization of $2.4 billion, reaffirming its rapid growth. **Jack McDonald**, Ripple’s senior vice president in charge of stablecoins, said in a post on September 30 that “RLUSD’s market capitalization rose to about $2.4 billion, increasing by more than 50% in a single month,” adding that average daily on-chain activity has grown by more than three times since early 2026.
According to a verification report released by Ripple on August 31, RLUSD outstanding and in circulation at the time was $2.326 billion, with reserves of approximately $2.446 billion. Since then, as of September 24, the circulating supply had increased to $2.409 billion and the collateral assets to $2.5315 billion. Excess reserves that exceed the circulating supply are at roughly $122.5 million. The issuance of the stablecoin is handled by **Standard Custody & Trust Company**, and BNY is performing the role of major reserve custodian.
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The link to XRP demand
RLUSD expansion has become another pillar of Ripple’s broader strategy aimed at the global corporate treasury market of roughly $13 trillion, comprising areas such as payments, liquidity management, and settlement/clearing. RLUSD is distributed across multiple networks—including Ethereum (ETH) and the XRP Ledger (XRPL)—as well as Optimism, Base, Ink, and Unichain, through Wormhole infrastructure.
However, this growth trend cannot push XRP (XRP) demand up at a ‘1:1’ ratio. That’s because companies can hold and transfer RLUSD without directly buying XRP. Still, all transactions conducted on the XRP ledger require XRP to pay fees, so as RLUSD on-chain usage increases, a certain level of fee-based demand growth can be expected.
On the DeFi side as well, RLUSD circulation is expanding rapidly. The RLUSD/USDS pair listed on the Spark Finance stablecoin FX layer processed more than $600 million in just the first week after its listing on Uniswap v4, quickly securing initial liquidity.
While this integration helps expand RLUSD-based stablecoin liquidity, it doesn’t mean that every individual RLUSD transaction automatically translates into XRP demand.
RLUSD holdings reverse between the Ethereum and XRP ledgers
The distribution of RLUSD across chains shifted dramatically in the short term. As of July, RLUSD’s holdings were greater on the XRP ledger than on Ethereum, but by September 14, RLUSD on Ethereum was about $1.37 billion while on the XRP ledger it was about $1.05 billion, widening the gap.
Since July, Ethereum has seen an additional inflow of about $737 million worth of RLUSD, while the XRP ledger increased by only about $146 million over the same period. This shows that the RLUSD growth engine is gradually moving away from Ripple’s own native network toward the Ethereum ecosystem and multi-chain DeFi.
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