Ripple’s US dollar-backed stablecoin, $RLUSD, has reached a new milestone, surpassing PayPal USD (PYUSD) in market capitalization and becoming one of the world’s leading stablecoins.
Recent CoinGecko data shows $RLUSD’s market capitalization has reached about $2.71 billion, overtaking PayPal’s stablecoin, which has a market capitalization of around $2.69 billion.
The milestone came less than two years after Ripple formally introduced $RLUSD in December 2024, highlighting its rapid growth in the crypto market.
$RLUSD gains
Vet, a prominent $XRP Ledger validator, also commented on the development, emphasizing $RLUSD’s growing importance in the stablecoin industry.
"$RLUSD is now a Top 5 USD backed stablecoin. On its way to be in Top 3," Vet said.
Vet noted Ripple’s long-standing role in building the $XRP Ledger. He added that wider adoption of $RLUSD could potentially accelerate blockchain adoption by traditional financial institutions.
Vet highlighted the growing relevance of $RLUSD, citing its rising payment volume and increased use on the $XRP Ledger.
He also said $RLUSD has paved the way for numerous integrations with banks and crypto exchanges.
The $XRP Ledger validator added that these integrations could encourage financial institutions not only to operate infrastructure supporting the XRPL, but also to integrate other tokenized assets on it.
$RLUSD's institutional use
The new record follows several recent institutional partnerships and exchange integrations for $RLUSD announced by Ripple.
On Oct. 28, Ripple announced a partnership with Coinbase to offer $RLUSD to retail and institutional users through Coinbase Exchange, Coinbase Prime and its retail trading app.
As part of the partnership, Coinbase also announced support for $RLUSD on several blockchain networks, including the $XRP Ledger, Ethereum and Base.
Ripple’s partnership with banking giant BNY, which holds the reserves for $RLUSD, is also expanding.
Ripple has also secured support from Standard Chartered, which launched institutional custody services for $RLUSD on the $XRP Ledger in October.
