Ripple’s RLUSD stablecoin has moved above a $2 billion market capitalization milestone less than two years after its December 2024 launch, marking a new scale for the dollar-pegged token across the networks where it circulates.

At the time of the milestone, issuance was split mainly between the XRP Ledger and Ethereum. Data cited in the report showed about $963 million of RLUSD on the XRP Ledger and roughly $1.05 billion on Ethereum, leaving Ethereum with a slightly larger share of the total supply.

Supply growth since launch

RLUSD debuted in December 2024 with issuance on both the XRP Ledger and Ethereum. Ripple later expanded the stablecoin to additional networks, including Base, Ink, Optimism, Unichain, and the XRPL EVM sidechain, widening the number of venues where the token could be used.

Because RLUSD is designed to hold a $1 value, its market capitalization generally rises and falls with the amount in circulation. Crossing the $2 billion mark therefore reflects supply growth rather than a move in price.

Reserves and issuer structure

The token is issued by Standard Custody & Trust Company under a limited-purpose New York-chartered framework. According to the source report, each RLUSD token is backed by cash or cash equivalents held in segregated reserve accounts.

Ripple said that as of Aug. 20, 2026, RLUSD had $1.981 billion in reserves against $1.866 billion in circulating supply. That disclosure came shortly before the stablecoin passed the $2 billion market-cap threshold.

XRPL nears a separate milestone

A notable part of the latest supply distribution is how close the XRP Ledger has come to hosting $1 billion of RLUSD on its own. With approximately $963 million issued on XRPL at the reported milestone, the network is nearing that separate benchmark even though Ethereum still accounts for the larger portion of outstanding tokens.

The split also shows that RLUSD’s circulation remains concentrated in its two original launch venues despite its later rollout to more chains.

Planned uses and what comes next

Ripple has positioned RLUSD for several use cases, including payments, trading collateral, tokenized assets, and broader institutional finance. Among the initiatives mentioned in the report is a planned working-capital loan fund denominated in RLUSD.

The next confirmed development to watch is whether the XRP Ledger portion moves past $1 billion in issuance. Beyond that, any further growth in market capitalization would depend on additional RLUSD entering circulation while the token maintains its intended $1 peg.

Source: crypto.news