RLUSD Market Cap Surges to $2.5B as Supply Splits Between Chains
Ripple USD (RLUSD)
Editor:
Eugene Serbin
Cvj.ai reports that Ripple’s stablecoin RLUSD has reached a market capitalization of $2.52 billion, marking an 85% growth during 2026. While XRP trades near $1.51, it remains 59% below its July 17, 2025, all-time high of $3.65, highlighting a divergence between the two assets. DefiLlama data indicates that approximately $1.40 billion of RLUSD supply resides on Ethereum, while $1.12 billion sits on the XRP Ledger.
This distribution means roughly 55% of the stablecoin’s supply exists outside the XRP ecosystem. Over the past month, supply on XRPL grew by 7.76%, outpacing Ethereum’s 6.61% increase, though Ethereum led in the last seven days. RLUSD dominates the XRPL stablecoin market, accounting for about 92% of its $1.2 billion total.
Ripple states that each token is backed one-to-one by segregated cash and cash equivalents and is redeemable at par. Institutions mint and redeem the asset through Ripple Mint, though XRP is not required for its creation or redemption. The economics of the stablecoin flow to Ripple as a private company, which earns interest income from the reserves. XRP serves a different role as a bridge currency, with a daily trading volume near $4 billion, distinct from the stablecoin’s utility.
How the market reacted
Whalio's own Binance spot order flow for RLUSD, measured when this story was written up on 29 September 2026. Not the outlet's figures.
On Binance spot, RLUSD trades at $1.00 with a 24-hour buy ratio of 56.9%, indicating that buyers controlled the majority of volume over the full day. However, shorter timeframes show weakening momentum, with the 1-hour buy ratio dropping to 10.3% and the 4-hour ratio at 27.4%. The 24-hour volume delta stands at a positive $5,472,663, contrasting with negative deltas of -$4,091,002 in the last hour and -$5,200,357 over the past four hours. This shift suggests that while buying pressure accumulated over the day, it has recently faded into selling. The volume delta measures the net difference between buy and sell volume, revealing that recent activity has been net seller-driven despite the earlier daily gains. Spot volume for the period reached $39,842,109 across 7,705 trades.
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 experienced consistent accumulation, with net buying occurring on all seven days. The seven-day average buy ratio was 61.5%, which is higher than the 56.9% recorded in the most recent 24-hour period. Trading volume during the last day was only 0.56 times the weekly average, indicating a slowdown in activity compared to the previous week. The total volume delta for the eight-day period was a substantial +$102,352,182, showing strong cumulative buying pressure that has now cooled. This recent day represents a quieter period relative to the sustained buying trend observed over the prior week.