RLUSD’s market cap hits a new record high, growing over 86% since the start of the year.

Ripple’s stablecoin RLUSD recently hit a new supply high, with its market capitalization reaching approximately $2.491 billion, an over 86% increase from $1.336 billion at the start of 2026. It now trails PayPal’s PYUSD, which has a market cap of around $2.739 billion, by only roughly $248 million. Data shows RLUSD supply rose by about $112 million over the past week, while PYUSD supply decreased by roughly $61 million. PYUSD had a supply of around $3.531 billion at the start of this year, hit a peak of $4.214 billion on March 5, and is now down approximately 35% from that peak. By issuing network, between September 21 and 28, RLUSD supply on the XRP Ledger grew from $1.036 billion to $1.099 billion, an increase of about $63 million; on Ethereum, it rose from $1.343 billion to $1.392 billion, adding roughly $49 million. Currently, the XRP Ledger accounts for about 44% of RLUSD’s total supply, while Ethereum accounts for around 56%. The total global stablecoin market cap is approximately $306 billion, with RLUSD still holding a small share. Ripple has recently been pushing for wider adoption of RLUSD on the XRP Ledger, including for use cases such as institutional lending.