RLUSD Hits Record Supply, Narrowing Gap with PYUSD
Ripple USD (RLUSD)
Editor:
Eugene Serbin
According to thecurrencyanalytics.com, Ripple’s RLUSD stablecoin reached an all-time high supply of $2.491 billion on September 26, adding $82.1 million in a single day. This growth brings RLUSD within $248 million of PayPal’s PYUSD, which saw its supply contract from a March peak of $4.214 billion to $2.739 billion. While both tokens experienced similar daily increases on September 26, their yearly trajectories diverge sharply, with RLUSD up 86% since January and PYUSD down roughly 35% from its peak.
RLUSD’s expansion is distributed across Ethereum, holding 56% of the supply, and the XRP Ledger, which holds 44%. Notably, the XRP Ledger portion of RLUSD grew by $63 million between September 21 and 28, outpacing Ethereum’s $49 million gain over the same period. The stablecoin is now positioned to challenge established players, though Tether and USDC still command a combined $75.3 billion.
Ripple is also developing an institutional lending market on the XRP Ledger using RLUSD as a credit asset in collaboration with Clearpool and Cicada Partners. Despite this stablecoin momentum, XRP’s token price sits near $1.49, down 19% since January, while Bitcoin trades around $83,000. The broader stablecoin market has reached $306 billion, growing faster than the underlying crypto assets it supports. This shift highlights a reallocation of market share as RLUSD gains ground while PYUSD shrinks.
How the market reacted
Whalio's own Binance spot order flow for RLUSD, measured when this story was written up on 28 September 2026. Not the outlet's figures.
Whalio’s Binance spot data for RLUSD shows a price of $1.00 with a 24-hour buy ratio of 59.6%, indicating that buying pressure has been the dominant force over the full day. However, this momentum appears to be fading in the short term, as the 4-hour buy ratio stands at 77.4% and drops significantly to just 1.9% in the last hour. The 24-hour volume delta is positive at $2,257,733, showing net accumulation, but the 1-hour volume delta is negative at -$6,803, suggesting immediate selling pressure has offset recent buying. The cumulative volume delta (CVD) for the 24-hour period is +$10,653,977, confirming that buyers have controlled the flow for 12 of the last 24 hours. This data suggests that while the day ended with net buying, the intensity of that buying has cooled considerably in the most recent hour.
The latest daily buy ratio of 39.6% sits at the 19th percentile of the last 267 days, against a median of 52.6% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for RLUSD, averaged over the days leading up to the story.
Over the preceding week, RLUSD maintained a 59.2% average buy ratio, which is nearly identical to the current 24-hour reading of 59.6%, indicating a consistent level of demand. The total volume delta for the eight-day period was +$87,104,969, with net buying occurring on six of the seven days. Compared to the weekly average volume, today’s spot volume of $11,703,340 was only 0.15x the average, marking this as an unusually quiet day for trading activity. The price remained flat at 0.0% change over the eight-day period, showing stability despite the volume drop. This consistency in buy ratios contrasts with the sharp drop in hourly volume, suggesting steady long-term interest but low immediate trading urgency.