CoinDesk research data shows that RLUSD, the U.S. dollar stablecoin issued by Ripple, reached a market capitalization of $2.37 billion in September 2026. The data also points to a shift in where the token is circulating. In June this year, the supply of RLUSD on XRP Ledger, or XRPL, exceeded the amount on Ethereum for the first time. XRPL accounted for 52% of total supply, while Ethereum represented 48%. The change indicates that RLUSD liquidity is moving more heavily toward XRPL, Ripple’s native settlement infrastructure. The figures highlight a redistribution of supply across the two networks rather than a broader market claim beyond the data cited by CoinDesk.
CoinDesk research data says RLUSD, the U.S. dollar stablecoin from Ripple, hit a market capitalization of $2.37 billion in September 2026.
The figures show that in June this year, RLUSD supply on XRP Ledger (XRPL) moved past supply on Ethereum for the first time. XRPL made up 52% of total supply, while Ethereum held 48%.
That change suggests RLUSD liquidity is tilting more toward XRPL, Ripple’s native settlement infrastructure.
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