The Ripple dollar-pegged stablecoin RLUSD has surpassed a $2Bn market capitalization, with more than $1Bn of that supply issued on the XRP Ledger, according to Jack McDonald, Ripple’s senior vice president responsible for stablecoins.
The milestone arrived less than two years after RLUSD’s launch, McDonald said in a post on X, formerly Twitter, first reported by blockchain outlet The Crypto Basic.
This is not simply a supply-growth headline. It is Ripple’s clearest signal yet that RLUSD is meant to function as dollar-based settlement infrastructure across tokenized finance, payments, and lending, rather than as a token confined to exchange order books.
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Total RLUSD market cap is closing in on $2.4B with the majority now living on Mainnet.
EVM network effect remains undefeated. $ETH $XRP pic.twitter.com/mbGaRyL0wJ
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Ripple News: The $2Bn Mark and What Crossed It
McDonald’s disclosure stated that RLUSD issued on the XRP Ledger alone has exceeded $1Bn, a figure distinct from the token’s total market capitalization across all networks.
The primary reporting places this announcement in early September, with The Crypto Basic’s account crediting the milestone to McDonald’s own attestation post rather than to a third-party data aggregator.
Precision matters because market-cap snapshots from data platforms can vary by timestamp and methodology; McDonald’s figures on issuance and network split are the ones directly attributed to Ripple in the source reporting.
Rising XRP Ledger network usage in recent months provides some context for why issuance concentrated on the ledger has become a metric Ripple is willing to publicize on its own.
RLUSD News: From Exchange Token to Settlement Rail
Ripple’s stated ambition, per the sourced reporting, is to position RLUSD as the dollar leg of tokenized-asset trading, with XRP supporting other network activity rather than serving as the settlement currency itself.
To build toward that, Ripple has invested in ZILO and Licuido, moves aimed at expanding digital financial infrastructure around the XRP Ledger.
If banks and financial institutions increasingly represent securities and funds on-chain, demand for a dollar-denominated settlement instrument could grow alongside them. That expansion effort aligns with a broader pattern of increased XRP Ledger infrastructure access accompanying RLUSD’s rollout.
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RLUSD News: McDonald’s Framing and the Limits of the Milestone
The ethereum:0x8292bb45bf1ee4d140127049757c2e0ff06317ed monthly independent attestation for July is now live! Some late-summer highlights…
1/ RLUSD crossed $2B this month, with over $1B issued on the XRP Ledger alone. Not even two years in, we’re very excited about what’s ahead.…— Jack McDonald (@_JackMcDonald_) August 31, 2026
McDonald characterized the $2Bn figure as worth celebrating while explicitly cautioning that market capitalization is not the only measure that matters, a framing that positions the milestone as a checkpoint rather than a finish line.
That caveat is notable given how much of RLUSD’s near-term growth has come through exchange incentive mechanics rather than settled institutional flow.
Bybit’s Hold and Earn program, for instance, drew more than $50M in RLUSD deposits within 11 days, prompting Ripple and Bybit to launch a second-stage program with increased rewards for both XRP and RLUSD.
That kind of yield-driven deposit growth demonstrates user interest but does not by itself establish durable payment adoption. More structurally significant is Ripple’s lending push with Clearpool and Cicada Credit.
It aims to route RLUSD into loans for fintech and payments companies on the XRP Ledger, and into a Kenya-based project with MC Social Venture, BlockBima, and Fortune Credit, designed to widen small-business access to insurance and credit.
Ripple said that the Kenya initiative cut settlement time by 97 percent and reduced costs by roughly 3,000 times, figures that, if they hold at scale, would matter more to RLUSD’s long-term case than any single market-cap threshold.
Whether XRPL’s broader liquidity and crypto market capitalization benefit meaningfully from this issuance growth remains a possibility the data has not yet confirmed, not an established outcome.
Growth in tokenized real-world assets on the XRP Ledger will be a useful indicator to watch as Ripple pushes RLUSD further into institutional settlement territory.
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Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing “information gain” that cuts through market hype to find real-world blockchain utility.