Ripple’s stablecoin RLUSD has reached a new supply high, lifting its market capitalization to about $2.491 billion, according to BlockBeats. That marks growth of more than 86% from roughly $1.336 billion at the start of 2026. The token is now about $248 million behind PayPal USD (PYUSD), which stands near $2.739 billion.
Recent weekly flows show the gap narrowing. RLUSD supply increased by about $112 million over the past week, while PYUSD fell by roughly $61 million over the same period. PYUSD started the year at around $3.531 billion, climbed to a peak of $4.214 billion on March 5, and has since dropped about 35% from that high.
By issuance network, RLUSD on the XRP Ledger grew from $1.036 billion to $1.099 billion between Sept. 21 and Sept. 28, while Ethereum-based RLUSD rose from $1.343 billion to $1.392 billion. XRP Ledger now accounts for about 44% of RLUSD supply, with Ethereum making up about 56%. Even so, RLUSD remains a small part of the global stablecoin market, which is currently valued at about $306 billion.
Ripple’s stablecoin RLUSD has recently hit a new supply high, pushing its market capitalization to about $2.491 billion, BlockBeats reported on Sept. 28. That is more than 86% above the $1.336 billion recorded at the start of 2026.
RLUSD is now roughly $248 million behind PayPal USD, or PYUSD, which has a market cap of about $2.739 billion. Data cited in the report shows RLUSD supply expanded by about $112 million over the past week, while PYUSD shrank by roughly $61 million during the same period.
PYUSD has pulled back from its March peak
PYUSD’s supply was about $3.531 billion at the beginning of this year. It later climbed to a peak of $4.214 billion on March 5. At current levels, that leaves PYUSD down about 35% from its high.
Growth came from both XRP Ledger and Ethereum
Between Sept. 21 and Sept. 28, RLUSD supply on the XRP Ledger increased from $1.036 billion to $1.099 billion, a gain of about $63 million. On Ethereum, supply rose from $1.343 billion to $1.392 billion, adding about $49 million.
At present, the XRP Ledger represents about 44% of total RLUSD supply, while Ethereum accounts for about 56%.
Still a small share of the broader stablecoin market
The global stablecoin market is currently worth about $306 billion, which means RLUSD still holds a relatively small share overall. BlockBeats also said Ripple has continued to push RLUSD use cases on the XRP Ledger, including institutional lending scenarios.
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