Ripple’s RLUSD stablecoin has reached a new all-time high in supply, climbing to nearly $2.44 billion as the company accelerates its push into corporate treasury services, payments, and capital markets.
Speaking on the Thinking Crypto podcast, host Tony Edward said Ripple’s Stablecoin Chief Jack McDonald sees a customer base handling roughly $13 trillion in annual transactions. Edward linked that opportunity to the rising adoption of stablecoins in payments and institutional finance.
The milestone comes as Ripple expands RLUSD across multiple blockchain networks and institutional products, with the U.S. Senate scheduled to vote on the CLARITY Act on Sept. 15.
RLUSD Supply Jumps 41% in 30 Days
Data aggregators recorded an RLUSD all-time high of $2.442 billion this week. DeFiLlama showed about $2.42 billion in circulation on Monday, Sept. 14.
That figure stood near $2.41 billion a week earlier and $1.72 billion a month ago, meaning RLUSD supply rose by roughly 41% over 30 days. The stablecoin crossed the $2 billion mark on Aug. 25 after ending July near $1.58 billion. The key question now is whether Ripple can convert this rapid supply growth into sustained corporate treasury activity.
Ethereum Takes the Lead in RLUSD Distribution
The distribution of RLUSD across networks has shifted significantly. In July, the XRP Ledger held $907.2 million, or 58.9% of total supply, while Ethereum held about $632.2 million. By Sept. 14, trackers showed approximately $1.37 billion on Ethereum and $1.05 billion on the XRP Ledger.
Ethereum added roughly $737 million since July, while the XRP Ledger gained about $146 million. Ethereum captured most of the approximately $840 million in new supply. The on-chain data does not identify which customers minted the tokens, so it only reflects where RLUSD currently sits across supported networks.
Meanwhile, the XRP Ledger holds about $1.14 billion in total stablecoins and ranks 11th among networks, ahead of Aptos and Plasma. Robinhood Chain, which launched on July 1, holds about $1.04 billion and ranks three places lower.
Ripple Expands RLUSD Across Institutional Markets
Edward said McDonald views payments and capital markets as major drivers for stablecoin adoption. He also pointed to Ripple’s banking relationships, payment partners, and the acquisition of GTreasury as key strategic advantages.
Edward connected RLUSD’s growth with broader XRP Ledger development, citing Clearpool Finance’s proposal to migrate to XRPL using new lending standards for institutional credit products. Ripple has also committed investment toward XRP and RLUSD yield products, according to Edward.
Additionally, Ripple expanded RLUSD through Wormhole in June, adding access to Optimism, Base, Ink, Unichain, and the XRPL EVM Sidechain. RLUSD already operates on Ethereum and the XRP Ledger.
CLARITY Act Vote Looms
The U.S. crypto industry is facing a key regulatory test as the Senate plans to vote on the CLARITY Act on Sept. 15. Edward said negotiations continued before the vote, with ethics provisions emerging as a major issue. Patrick Whitt and Mike Novogratz also pointed to ongoing negotiations.
Coinbase CEO Brian Armstrong recently described the legislation as being near the finish line. Edward said approval could improve market sentiment and support Bitcoin and altcoins.
Final Thoughts
RLUSD has reached a record supply of nearly $2.44 billion while Ripple deepens its role in institutional payments, treasury services, and capital markets. Ethereum now holds a larger share of RLUSD than the XRP Ledger, and Ripple continues to add networks and products as the CLARITY Act vote approaches.
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