Ripple’s RLUSD Hits $244M – Is This Stablecoin Primed for a Liquidity Surge?

Ripple’s dollar-pegged RLUSD just blasted past $244 million in market cap—quietly becoming one of crypto’s fastest-growing stablecoins. No hype, no memes, just relentless traction while ’innovative’ DeFi projects blow their treasuries on governance token airdrops.

Could this be the liquidity breakthrough Ripple’s ecosystem needs? XRP traders are betting yes, swapping volatile holdings for RLUSD’s stability as regulatory winds swirl. Meanwhile, TradFi banks still can’t decide whether to ban stablecoins or charge $25 ’blockchain reconciliation fees’ for handling them.

The real test? Whether RLUSD can dethrone USDT’s iron grip on cross-border payments—or if it’ll become another casualty in crypto’s endless stablecoin wars.

TLDR

• RLUSD reached a combined market capitalization of 244.2 million dollars across XRPL and Ethereum in Q1 2025.
• On the XRP Ledger alone, RLUSD achieved a market cap of 44.2 million dollars, becoming the largest stablecoin on the network.
• The total market capitalization of fungible tokens on XRPL increased by 6.5 percent quarter over quarter to 281.5 million dollars.
• The AMM Clawback amendment enabled compliant tokens like RLUSD to be traded on XRPL’s automated market maker starting January 2025.
• US dollar deposits and cash equivalents fully back RLUSD with monthly attestations provided by third-party firms.

Ripple’s USD-pegged stablecoin, RLUSD, achieved a combined market capitalization of $244.2 million across XRPL and ethereum by the end of Q1 2025. The stablecoin reached a milestone on the XRP Ledger (XRPL), which alone accounted for $44.2 million. This growth contributed to a 6.5% quarterly increase in the overall fungible token market on XRPL, which rose to $281.5 million.

RLUSD Becomes Largest Stablecoin on XRPL

RLUSD became the largest stablecoin on XRPL by the end of Q1 2025, surpassing other issued currencies on the network. This stablecoin’s market cap expansion on XRPL reflects its growing adoption despite still trailing much larger stablecoins. The total fungible token market on XRPL benefited from RLUSD’s growth, showing a clear upward trend in issuance and trading activity.

Regulatory compliance has played a key role in RLUSD’s development on XRPL. The token incorporates a clawback feature, allowing issuers to reclaim distributed tokens and increasing its regulatory acceptance. This feature limited RLUSD’s compatibility with XRPL’s automated market Maker (AMM) until January 2025, when the AMM Clawback amendment was implemented, enabling trading compliant tokens like RLUSD.

BDACS Partners with Ripple for Custody

RLUSD launched publicly on December 17, 2024, on both XRPL and Ethereum, backed fully by US dollar deposits and cash equivalents. The stablecoin includes monthly attestations from third-party firms to ensure transparency and trust. On Ethereum, chainlink price Feeds were integrated in January 2025 to provide reliable pricing data for RLUSD.

During Q1 2025, the stablecoin’s market reach expanded through listings on multiple exchanges, including Kraken, LMAX Group, Zero Hash, and Bitstamp. Ripple also incorporated RLUSD into its cross-border payment system, Ripple Payments, enhancing real-world use cases. Strategic partnerships, such as with Korean custody provider BDACS, have strengthened infrastructure support for RLUSD and related digital assets.

Comparative Market Position

RLUSD’s market cap remains modest compared to dominant stablecoins like Tether (USDT) and USD Coin (USDC), which hold $144 billion and $60.1 billion, respectively across all networks. Nonetheless, RLUSD’s growth on XRPL marks a significant development within a smaller but emerging ecosystem. The recent ability to trade compliant tokens on XRPL’s AMM is expected to increase RLUSD’s liquidity and market activity further.

The update to support Clawback tokens on AMMs opens new opportunities for RLUSD in on-chain trading and yield generation. The stablecoin may be a key pairing asset in automated market makers, as seen with other networks’ growth patterns. Cross-chain arbitrage and integration with real-world assets could also benefit RLUSD’s adoption and utility.