In today’s Ripple news, the company’s stablecoin keeps pulling away from its best-known token. Ripple USD (RLUSD) has reached a market cap of about $2.52 billion, after growing more than 85% in 2026. XRP, meanwhile, trades near $1.51, up 2.1% over 24 hours, but still about 59% below its all-time high of $3.65 set on July 17, 2025.
This is more than a story of one Ripple asset outperforming another. The real question is where RLUSD’s supply actually sits. A dollar of stablecoin on Ethereum does not create the same XRP-linked activity as a dollar on the XRP Ledger (XRPL).
Ripple USD (RLUSD) DefilLama
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Where Does RLUSD’s $2.5 Billion Supply Actually Sit?
DefiLlama data shows about $1.40 billion of RLUSD on Ethereum and $1.12 billion on XRPL. That means roughly 55% of supply lives outside the XRP ecosystem.
Growth is coming from both sides. Over the past month, RLUSD supply on XRPL rose 7.76%, slightly faster than Ethereum’s 6.61%. Over seven days, though, Ethereum led with 3.89% growth against 1.88% on XRPL.
Within XRPL, RLUSD holds a dominant position, accounting for roughly $1.2 billion, about 92%, of the ledger’s stablecoin market.
That split is not fixed. RLUSD’s chain mix has shifted a lot in 2026, so treating any single day’s figure as permanent can overstate or understate XRPL’s role. The better approach is to track the ratio over time.
Ripple’s $RLUSD leading stablecoin issuance 👀 👀 👀 https://t.co/bmIqMwq2uo
— xrp.cafe ☕ (@xrpcafe) September 27, 2026
Ripple’s stablecoin page describes RLUSD as natively issued on XRPL, Ethereum, and other blockchains. It says each token is backed one-to-one by segregated cash and cash equivalents and is redeemable at par. Institutions mint and redeem it through Ripple Mint.
XRP is not required to create, hold, or redeem RLUSD. That is Ripple’s own description of a product it built and earns from. It is not independent evidence that RLUSD growth drives XRP demand.
The economics also flow to Ripple, not XRP holders. Every dollar in RLUSD reserves earns interest income for Ripple as a private company.
Ripple News: Why Are RLUSD and XRP Moving in Different Directions?
XRPUSDT Chart 1D TradingView
The two assets do different jobs. Stablecoins hold a $1 value while moving dollars across blockchains. XRP, by contrast, was pitched as a bridge currency for fast conversion in cross-border payments.
Those roles can pull apart. A bank or payment firm can settle in RLUSD without ever touching XRP’s price swings. XRPL does charge a small XRP fee per transaction and requires a minimum XRP reserve per wallet. However, the demand is tiny next to XRP’s daily trading volume, now near $4 billion.
XRP does have its own demand channel. U.S. spot XRP ETFs took in about $75.6 million between September 22 and 25. That flow is separate from RLUSD’s growth and should not be confused with it.
Regional expansion, such as RLUSD’s growing footprint in Türkiye, shows how stablecoin adoption can deepen XRPL activity without directly driving XRP purchases.
On the chart, XRP trades between resistance near $1.62 and support around $1.27, with its 50-day and 200-day moving averages close together near $1.37.
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What Would Prove RLUSD Growth Is Bullish for XRP?
The bullish case needs three things. First, a Ripple product that explicitly links RLUSD settlement to XRP liquidity. Second, a rising XRPL share of RLUSD supply. Third, growing transaction fees or reserve activity on the ledger.
The cautionary case is simpler. RLUSD keeps expanding on Ethereum and other chains while XRP’s price stays flat. The two assets are diverging rather than converging.
RLUSD trailed PayPal USD (PYUSD) by about $248 million. If that gap closes while XRP stays stuck, it would support the divergence thesis.
For readers following Ripple news, the takeaway is clear. RLUSD can keep expanding Ripple’s payments reach and reserve income on its own terms, and none of that requires XRP holders to benefit.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing “information gain” that cuts through market hype to find real-world blockchain utility.
