Ripple RLUSD Approaches PayPal PYUSD Market Cap
Ripple USD (RLUSD)
Editor:
Eugene Serbin
BitcoinEthereumNews.com reports that Ripple’s RLUSD reached a record $2.941B on Sept. 28, just $248M away from overtaking PayPal’s PYUSD stablecoin. According to Defillama data cited in the report, RLUSD is up 86+% since the start of 2026, while PYUSD sits at $2.74B, down 22% this year and 35% below its March peak. The XRP Ledger added $63M of RLUSD this week versus Ethereum’s $49M, lifting its share to 44%.
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 spot data shows RLUSD trading at $1.00 with a 24-hour buy ratio of 59.6%, indicating that buying pressure has been dominant over the full day. However, shorter timeframes show weakening momentum, with the buy ratio dropping to 37.0% in the last hour and 15.0% over the last four hours. This shift is reflected in negative volume deltas of -$209,530 (1h) and -$5,668,515 (4h), meaning sellers are currently outweighing buyers in the immediate term. Despite this recent dip, the 24-hour volume delta remains positive at +$2,257,733, and cumulative volume delta (CVD) closed at +$9,571,724, confirming that net buying occurred over the longer period.
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, the average buy ratio was 59.2%, and the latest day’s ratio was only +0.4 points higher, showing stability in buyer sentiment. Weekly volume was 0.15x the average, indicating significantly lower trading activity compared to typical days. There were 6 days of net buying out of 7, with a total volume delta of +$87,104,969 over 8 days. This contrasts with today’s lower volume delta of +$2,257,733, suggesting that while the trend remains positive, the intensity of buying has cooled significantly from the weekly average.