Ripple USD (RLUSD), the stablecoin developed by XRP issuer Ripple, has surpassed a $1 billion market capitalization less than a year after its debut. Officially launched in December 2024, RLUSD has posted an impressive 1,278% year-to-date increase in market cap, according to CoinGecko data.

The stablecoin broke the $1 billion milestone on Monday, only days after surpassing $900 million on Oct. 24. Ripple celebrated the achievement, stating on X, “With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide,” adding, “This is how we advance the future of finance.”

Emerging player among USD stablecoins

Although still far smaller than major stablecoins like Tether’s USDT ($183 billion) and Circle’s USDC ($75 billion), RLUSD has quickly become a notable contender in the U.S. dollar–pegged market. It currently ranks as the 10th largest USD stablecoin, with daily trading volumes of around $174 million — similar to PayPal USD (PYUSD) and Dai (DAI), which hold seventh and fifth place, respectively.

Originally introduced as an “enterprise-focused” asset, RLUSD has also attracted strong retail participation through integrations with platforms such as Transak and adoption across self-custodial wallets like Xaman. Data from RWA.xyz shows that Ethereum-issued RLUSD accounts for roughly 80% of supply, while the XRP Ledger version represents around 20%.

Ripple expands OTC and brokerage services

The milestone coincided with Ripple’s announcement of an expansion of its over-the-counter (OTC) services to include digital asset spot prime brokerage for U.S. markets. This development follows Ripple’s recent $1.25 billion acquisition of crypto-friendly prime broker Hidden Road, finalized in October — a move aimed at strengthening Ripple’s institutional service offerings in the digital asset space.

Sources:

https://cointelegraph.com/news/ripple-rlusd-crosses-1-billion-market-cap-top-10-usd-stablecoins

https://x.com/Ripple/status/1985384072676266009

https://www.coingecko.com/en/coins/ripple-usd

https://app.rwa.xyz/assets/RLUSD