• Steady minting 
• Moving up the rankings 

According to the data provided by Ripple Stablecoin Tracker, Ripple has minted another 10 million RLUSD on the XRP Ledger. 

According to the data provided by CoinGecko, the market cap of RLUSD currently stands at $1.26 billion. 

Steady minting 

On Oct. 22, the treasury executed a substantial mint of 24.5 million RLUSD. Just six days later, on Oct. 28, another 5 million RLUSD entered circulation, followed within three days by an even more notable issuance: 36 million RLUSD on Oct. 31. 

November took that trajectory and pulled it sharply upward. On Nov. 3, Ripple minted a massive 50 million RLUSD, coinciding with the moment RLUSD officially crossed the $1 billion market cap threshold across Ethereum and the XRP Ledger. 

The activity didn’t taper off. On Nov. 19, an additional 2 million RLUSD was minted. And most recently, on Nov. 25, the treasury produced a large 15 million RLUSD mint. 

Moving up the rankings 

Ripple’s RLUSD has quietly but decisively slipped into the stablecoin big league. 

With a market cap of roughly $1.25 billion, it now sits in the same statistical neighborhood as long-established mid-tier dollar tokens.

The global stablecoin landscape is brutally top-heavy: USDT and USDC dominate with a combined $260 billion in capitalization.

There is also a second tier of multi-billion-dollar entrants (USDS, Ethena’s USDe, DAI, PYUSD) that are perceived as formidable competitors. 

RLUSD has not yet joined that second tier, but it now anchors the very top of the third tier. At rank #84, it has overtaken dozens of legacy stablecoins that once defined the market’s mid-section, including TUSD, GUSD, and USDD.

RLUSD is now positioned as the 12th-largest USD stablecoin globally.

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