Ripple's RLUSD stablecoin crossed the $2 billion mark, with RWA.xyz valuing the token at $2.02 billion on August 25. The figure represents an eightfold increase from the $250 million held in April 2025 and marks a 31.45% rise over the previous 30 days. Approximately half of this supply is issued on the XRP Ledger, while the remainder sits on Ethereum.
| Metric | Value |
|---|---|
| Total RLUSD Circulation | $2.02 billion |
| RLUSD on XRP Ledger | $962.8 million |
| RLUSD on Ethereum | $1.05 billion |
| 30-Day Growth | 31.45% |
The distribution of RLUSD between networks has shifted recently. The XRP Ledger led in holdings for several months until Ethereum surpassed it on August 21. As of late August, less than $90 million separates the two chains in terms of RLUSD supply. On the XRP Ledger, RLUSD balances have nearly tripled since March, climbing from $340.3 million to $962.8 million, while the total stablecoin supply grew by less than a third.
Activity on the XRP Ledger indicates that RLUSD now accounts for more than 90% of all stablecoin supply on the network. This shift helped the XRP Ledger overtake Stellar as the largest chain for stablecoins outside of major networks. In the 30 days leading up to August 25, RLUSD moved $11.81 billion across 1.39 million transfers, involving roughly 84,630 holders.
The RLUSD-XRP trading pair handled approximately $900 million over the six months to late June, representing close to 90% of all RLUSD trading on the ledger. This volume equates to about $150 million per month, a figure that is measurable but small compared to XRP's daily trade volume of $12.7 billion. Transaction fees on the XRP Ledger remain minimal; CoinGecko data shows about $4,659 recorded across the entire network in a 24-hour period.
Ripple is developing a lending protocol based on ledger standards XLS-65 and XLS-66 to address the issue of transient token usage. The protocol would allow holders to deposit tokens into pools for lending on fixed terms, potentially enabling idle XRP to earn interest for the first time. However, this feature is not yet live. The amendment requires approval from more than 80% of validators, with that support sustained for two consecutive weeks before activation.
Separate from RLUSD, Messari reported that the XRP Ledger closed the first quarter with $2.25 billion in tokenized real-world assets. This amount represents an all-time high and a 124% increase from the previous quarter, moving the network from seventh to fourth place among tokenized asset networks.