RLUSD Supply Increased by Nearly $1 Billion in 90 Days

The circulating volume of Ripple USD (RLUSD) stablecoin exceeded $2.5 billion by November 4, 2026. Over the past 90 days, the figure increased by approximately $972 million, while the supply of the largest dollar stablecoins, USDT and USDC, decreased. However, an increase in the number of issued tokens does not automatically mean a growth in the number of users or a shift of capital from competing assets.

How the Stablecoin Market Has Changed

According to DefiLlama, RLUSD's supply grew from approximately $1.59 billion on August 6 to $2.57 billion in early November, marking an increase of about 61%. During the same period, Tether USDT's supply decreased by approximately $5.2 billion to $178.3 billion, and Circle USDC's by $900 million to $70.9 billion.

Despite differences in dynamics, USDT and USDC remain significantly larger than RLUSD. The reduction in their supply cannot be directly considered a loss of users: stablecoins can be redeemed by issuers, and the volume of issuance changes depending on the market participants' need for dollar tokens.

As of early November, the majority of RLUSD was on the Ethereum network—about $1.7 billion. Approximately $850 million was on the XRP Ledger. At the end of October, RLUSD's supply temporarily decreased, then recovered above $2.5 billion.

Ripple Received Final Banking Approval

On October 26, the U.S. Office of the Comptroller of the Currency (OCC) granted final approval for the establishment of Ripple National Trust Bank. According to Ripple's announcement, once opened, the bank will be able to manage segregated RLUSD reserves, act as their trustee in the interest of token holders, and provide custodial services.

However, the direct issuer of RLUSD remains Standard Custody & Trust Company, operating under the supervision of the New York State financial regulator. Having approval does not mean the new bank has already started performing all the intended functions.

RLUSD is used in Ripple's settlement and financial services. The increase in the token's supply may reflect an expansion of its use, but it does not in itself indicate the volume of payments made or the issuer's profit.

In the XRP Ledger, transactions with RLUSD require small fees in XRP, but the entire amount of issued RLUSD does not convert into demand for XRP. The future dynamics of the supply will depend on the actual use of the stablecoin and the balance of issuance and redemptions.