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Ripple's U.S. dollar-backed stablecoin $RLUSD has surpassed $2 billion in market capitalization.
The product, which was launched in December 2024, $RLUSD has emerged as one of the fastest-growing regulated stablecoins.
Notably, its supply is currently approaching $1 billion on the $XRP Ledger.
$RLUSD's market capitalization has climbed to an impressive $2.035 billion, CoinGecko data shows. It is within striking distance of PayPal USD ($PYUSD), which currently holds a market cap of roughly $2.87 billion.
$RLUSD is currently ranked among the top stablecoins by market capitalization, sitting behind major players such as Tether's $USDT, Circle's $USDC, Maker's USDS, Dai, Ethena's $USDe, and PayPal USD.
A significant minting spree
Multiple $RLUSD issuances from the $RLUSD Treasury have been reported over the past day, including a 40 million $RLUSD mint, a 25 million $RLUSD mint, a 20 million $RLUSD mint, and additional 19 million, 14 million, and 12 million token issuances.
The latest minting activity brings fresh liquidity into the ecosystem.
What is notable is that a significant portion of $RLUSD's growth has taken place on the $XRP Ledger. Earlier, Ethereum was the dominant network for $RLUSD.
Closing in on PayPal
$RLUSD is also close to toppling PayPal's $PYUSD, which is another popular regulated stablecoin. The latter currently has a market capitalization of approximately $2.87 billion with a lead of less than $1 billion over $RLUSD.
At its current growth rate, $RLUSD could potentially challenge PayPal's stablecoin position among the largest regulated dollar-backed assets.
Tether's $USDT remains the market leader with a market capitalization of approximately $183 billion. Circle's $USDC follows with a market capitalization of roughly $73 billion.
Other major stablecoins include USDS with a market capitalization of about $9.7 billion, Dai at approximately $4.5 billion, and Ethena's $USDe at more than $4 billion.