RLUSD ranks as the 10th largest stablecoin, but billions below Tether

RLUSD, Ripple’s US dollar-pegged stablecoin, has entered the top 10 stablecoins by market cap. According to on-chain data, the coin has surpassed a $1 billion market capitalization threshold, marking a significant milestone less than a year after its launch. 

RLUSD was officially launched in December 2024. The coin first surpassed the $1 billion threshold on Monday, just a few days after reaching $900 million on October 24. So far, it has amassed a whopping 1,278% year-to-date growth in market cap.

RLUSD ranks as the 10th largest stablecoin, but billions below Tether

According to CoinMarketCap, RLUSD’s total supply stands at 1.02 billion units distributed across both networks. Ripple emphasized that the stablecoin’s growth is a clear sign of institutional adoption, driven by the ecosystem’s multichain infrastructure.

Now, RLUSD ranks as the 10th-largest US dollar stablecoin by market cap, with a 14% surge in the last 24 hours. The token has also recorded daily trading volumes of $136 million, comparable to PayPal USD and Dai, which have $151 million and $152 million, respectively.

Additionally, according to data from RWA.xyz, Ethereum-issued RLUSD continues to dominate with an 80% share, while XRP Ledger-based RLUSD has grown to around 20%.

However, RLUSD remains far behind stablecoin giants such as Tether’s USDt, with a market cap of $183 billion, and Circle’s USDC, with a market cap of $75 billion. 

RLUSD: One Year, One Billion
→ $1B Market Cap
→ 1:1 USD-backed
→ The #1 trusted and transparent stablecoin for institutions

With Ripple Prime, GTreasury, and Rail now joining the effort, $RLUSD and $XRP will drive faster, efficient and compliant settlement worldwide. This is… pic.twitter.com/DV1oS5TEY0

— Ripple (@Ripple) November 3, 2025

RLUSD achievement coincided with Ripple’s announcement on Monday of an expansion of its over-the-counter (OTC) services to include digital asset spot prime brokerage for US markets. 

As reported by Cryptopolitan, Ripple integrated its licensing with Hidden Road’s solutions under Ripple Prime, which opened up new capabilities for institutions to easily access digital assets, foreign exchange (FX), futures, swaps, fixed income, and more.

“With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient, and compliant settlement worldwide. This is how we advance the future of finance,” Ripple stated.

Experts warned that Ripple’s rapid institutionalization could widen the gap between its corporate ambitions and XRP’s real on-chain practicality. Initially hailed as an “enterprise-focused” stablecoin, RLUSD has gained significant interest among retail consumers, owing to integrations with platforms such as Transak and increased adoption in self-custodial wallets such as Xaman.

To that end, several concerns persist regarding how this acquisition could reshape Ripple’s long-term token utility. Analyst Paul Barron LSO noted that Ripple’s latest initiative positions it in direct competition with Coinbase Prime and Anchorage. 

Ripple Swell 2025 kicks off today

Ripple Swell 2025 has started today and will take place until November 5th in New York City. The two-day event brings together the most influential leaders in the world of finance, blockchain, policy, and crypto. 

Good morning, NYC! 🗽

Swell 2025 kicks off with opening remarks from @MonicaLongSF and a fireside chat with @adenatfriedman.

Tune in live right here on X at 9:30 am ET. ⬇️ pic.twitter.com/ztU5d5PxGZ

— Ripple (@Ripple) November 4, 2025

Attendees expect discussions on regulatory developments, cross-border payment solutions, and the integration of blockchain in traditional banking systems over the course of the event. 

Meanwhile, just before the event, Ripple announced yet another acquisition Palisade, a digital asset wallet and custody company. It expands custody capabilities to directly provide the core needs of fintechs, crypto-native firms, and corporations.

While Ripple Custody continues to expand its footprint, and with increased clarity over regulation, the mid-term outlook appears positive for XRP. Experts state that if Swell 2025 delivers concrete updates on banking integration, tokenized RWAs, and enterprise adoption.

However, XRP is not feeling the heat of Ripple’s development. The coin is down over 4% in the last 24 hours.  Still, the 90% surge in the trading volume indicates that there is a lot of activity happening. The coin is trading at $2.30.

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