RLUSD, the U.S. dollar-pegged stablecoin issued by Ripple, has surged past $500 million in circulating supply within seven months of its launch. Minted on both the XRP Ledger and Ethereum, the product ranks among the 20 largest dollar stablecoins with a daily volume of roughly $26 million, according to CoinGecko data.
The milestone lands as Ripple pursues a national trust-bank charter from U.S. regulators. Overseen by the Office of the Comptroller of the Currency, the license would let Ripple hold customer deposits directly and issue RLUSD under the same rules that govern federally supervised banks. USDC issuer Circle has also applied for a national banking license, a regulatory approval that would enable custody of assets for institutional customers and hold its own reserves.
Ripple’s RLUSD stablecoin was launched in December 2024. It is pegged 1:1 to the U.S. dollar and backed by cash, cash equivalents, and short-term U.S. treasuries.
RLUSD’s market cap growth comes amid a pro-crypto regulatory landscape under the new Donald Trump administration. Federal watchdogs, such as the OCC, have revised rules to permit banks to offer crypto services, signaling a more favorable stance toward the blockchain asset industry.
Ripple’s stablecoin surge also follows a broader boom in the sector. Dollar-linked tokens now represent nearly $250 billion in market value, more than 95% of the total $260 billion stablecoin market, The Block’s data dashboard shows.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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