RLUSD Tops $2B With More Than $1B Issued on XRP Ledger

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Ripple’s RLUSD stablecoin has reached a $2 billion market cap, with nearly half of that on XRP Ledger. 

This major milestone comes less than two years after its launch. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, shared the news on X while discussing RLUSD’s latest July report.

He said more than $1 billion worth of RLUSD has been issued on the XRP Ledger (XRPL) alone. McDonald said the market cap isn’t everything, but the milestone is still worth celebrating because of RLUSD’s rapid growth.

Ripple is also expanding RLUSD beyond trading, aiming to use it for payments, settlements, and credit in tokenized financial markets.

RLUSD expands into tokenized assets

Notably, Ripple has invested in ZILO and Licuido to help expand digital financial infrastructure on the XRP Ledger. The company wants RLUSD to be used as the dollar-based payment asset for transactions involving tokenized assets.

This would make RLUSD more useful to banks and other financial institutions as they use blockchain to represent assets like securities and funds.

The move also adds more value to the XRP Ledger. RLUSD can be used for dollar-based payments, while XRP continues to support other activities on the network.

Bybit RLUSD program passes $50M milestone

RLUSD is also growing on crypto exchanges. McDonald said Bybit reached more than $50 million in RLUSD deposits through its Hold & Earn program in just 11 days.

Bybit has since launched a second phase of the program, offering higher rewards on XRP and RLUSD with Ripple. The fast growth shows that more users are interested in earning rewards with RLUSD, which could help increase its use in the crypto market.

Ripple targets institutional lending

Ripple is also working to use RLUSD for business lending. The company has partnered with Clearpool and Cicada Credit to build lending services on the XRP Ledger. RLUSD will be used for loans to fintech companies, payment companies, and other businesses.

This initiative makes RLUSD more useful beyond payments and crypto trading. In simple terms, RLUSD is becoming more than just a digital version of the U.S. dollar; it is being used in different financial services.

Real-world use in Kenya

Ripple is also using RLUSD in real-world financial services in Kenya through a project with MC Social Venture, BlockBima, and Fortune Credit.

The project uses RLUSD to help small businesses get insurance and loans more easily. Ripple says the project reduced settlement time by 97% and cut costs by about 3,000 times.

Ultimately, RLUSD reaching a $2 billion market cap is a major milestone, and Ripple is now expanding its use beyond crypto exchanges into lending, tokenized assets, and financial services in emerging markets.

More than $1 billion of RLUSD has been issued on the XRP Ledger, which increases activity and liquidity on the network and may benefit XRP.