How much RLUSD exists, and how fast is it growing?

The full answer

RLUSD (Ripple USD) is a US dollar stablecoin issued by Standard Custody & Trust Company, a subsidiary of Ripple Labs.[2] Most of it sits on two ledgers, Ethereum and the XRP Ledger,[5] so there are two questions here: how much RLUSD exists in total, and how much of it sits on the XRP Ledger.

How much RLUSD is in circulation according to the latest issuer figures?

The latest reserve report is for August 2026. It shows 1,763,215,434 RLUSD outstanding on August 17 and 2,325,969,308 on August 31. The reserve on August 31 was worth $2,446,312,864. An independent accountant’s opinion dated September 29, 2026 found management’s assertion fairly stated.[2] The June 2026 report shows 1,411,034,124 RLUSD outstanding on June 30.[10] On those two reports, the amount outstanding grew about 65% in two months, and about 32% in the last two weeks of August alone (our calculation). This site grades both reserve reports Primary.

Ripple’s transparency page gave $2,395.6 million of RLUSD in circulation and $2,517.7 million of reserve funds, both as of September 3, 2026.[1] Those are company figures, graded Company-reported. They and the Ripple-commissioned Blockworks report set this page’s label, even though the top-line counts come from the reserve reports. Ripple’s page says reserve reports come out monthly, no more than 30 days after the month ends. crypto.news reported that Ripple said on August 25 that RLUSD had passed $2 billion in market capitalization the previous week, and that Ripple’s page showed $1.866 billion in circulation on August 20.[8] What backs those tokens is covered in What backs RLUSD?.

How fast has RLUSD on the XRP Ledger grown?

Blockworks Advisory, in a report Ripple commissioned, put RLUSD on the XRP Ledger at $189.8 million at the end of March 2026 and $676.9 million at the end of June, up 257%.[3] The same report says Ripple reported about $1.70 billion of RLUSD across all networks.[3]

Evernorth measures averages instead of quarter-end balances. It says RLUSD balances on the XRP Ledger averaged $539 million in the second quarter of 2026, up from $73 million a year earlier, without a single down quarter. It gives the ledger’s share of all RLUSD as rising from 20% to 34% over that year.[4]

A copy of DefiLlama’s RLUSD page taken at 19:29 UTC on September 29, 2026 showed $2.518 billion of RLUSD in total: $1.396 billion on Ethereum and $1.121 billion on the XRP Ledger.[5] That reading puts the XRP Ledger at about 45% of RLUSD. At June 30 it was about 48%, setting Blockworks’ $676.9 million against the June reserve report’s total (our calculation). Whether those balances move or sit idle is the subject of how much stablecoin value moves on the XRP Ledger.

Did the XRP Ledger’s share rise through new issuance or through moves from Ethereum?

The sources opened do not separate the two. What they do show is that the split swings both ways. CoinDesk reported on July 24, 2026 that RLUSD had a market value of about $1.5 billion on RWA.xyz data, with roughly $877 million on the XRP Ledger and about $643 million on Ethereum.[7] Coinpaper reported that the XRP Ledger briefly led Ethereum in late June, with $801 million against $795 million. Ethereum was ahead again by August 21, and by September 7 it held about $1.38 billion against $1.03 billion on the XRP Ledger.[9] Coinpaper also reported, citing on-chain transactions highlighted by U.Today, that on September 6 about 1,363,615 RLUSD was removed from the XRP Ledger and the same amount minted on Ethereum seconds later.[9] We did not check that move on a block explorer.

The figures also disagree on levels. Coinpaper’s late-June XRP Ledger figure is higher than Blockworks’ $676.9 million for June 30. The $1.70 billion that Blockworks cites Ripple reporting is higher than the 1,411,034,124 RLUSD outstanding on June 30 in the reserve report, and close to the 1,682,288,477 outstanding on June 8.[3][10] Blockworks does not give the date of Ripple’s figure.

How does RLUSD’s size and growth compare with USDT, USDC and other dollar stablecoins?

Blockworks’ report set Ripple’s $1.70 billion of RLUSD beside $186.00 billion for USDT and $74.00 billion for USDC.[3] In copies of its pages taken at 19:29 UTC on September 29, 2026, DefiLlama listed USDT at $183.803 billion and USDC at $74.852 billion,[6] and RLUSD at $2.518 billion.[5]

On those sources, RLUSD grew about 48% from the second-quarter figure to late September while USDT fell about 1% and USDC rose about 1% (our calculation). The comparison mixes a Ripple-supplied figure with DefiLlama’s count, so the rates are rough. Evernorth’s second-quarter report says stablecoin supply across the industry contracted for the first time since 2023.[4] RLUSD grew from a small base while the two leaders were flat, and on DefiLlama’s figures it was about 1.4% of USDT’s size (our calculation).

How concentrated is RLUSD supply among a few wallets?

As of September 29, 2026, none of the sources opened (Blockworks, Evernorth, DefiLlama, Ripple’s transparency page and reserve reports) gave a breakdown of RLUSD by holder. That leaves open how much sits with Ripple-linked wallets, exchanges or market makers. Standard Custody is the issuer,[2] and crypto.news noted that the $2 billion milestone reflected new issuance rather than a change in price;[8] who then holds the tokens is the unanswered part.

What is the case against reading much into these numbers?

The fast figures come mostly from Ripple itself or from work Ripple paid for. The Blockworks report says it was commissioned by Ripple Labs.[3] Growth also reversed for stretches: CoinDesk reported that RLUSD’s market cap slipped almost 5% and its monthly transfer volume fell about 25%, from roughly $14.6 billion to $11 billion, over the 30 days to July 24, 2026.[7] In our analysis, a larger RLUSD supply does not by itself create demand for XRP, a point taken up in whether more stablecoins mean more XRP liquidity and in the critique that XRP infrastructure may be running ahead of demand. For what year-end could look like if recent growth held, see XRPL stablecoin supply scenarios.