Ripple's RLUSD Stablecoin Surges to $1 Billion in Market Cap Growth This Year

Ripple-based stablecoin RLUSD has rapidly expanded in size. [Photo: Ripple.com]

According to The Crypto Basics on April 14 (local time), RLUSD's market capitalization increased by $1,070,906,700 (approximately KRW 1.44 trillion) this year based on RWA.xyz data. Only Tether's USDT and Anchor Protocol's corporate stablecoin USDGO saw larger increases, with USDT growing by approximately $6.7 billion (KRW 9.316 trillion) and USDGO by $1.4 billion (KRW 1.8872 trillion). Sky Protocol's USDS increased by $1.063 billion (KRW 1.4329 trillion), placing it just behind RLUSD.

RLUSD surpassed the $2 billion market cap mark last month and has continued its growth, reaching approximately $2.423 billion (KRW 3.2662 trillion) according to recent DefiLlama data.

By chain, Ethereum and XRP Ledger split RLUSD supply distribution. As of the latest DefiLlama data, Ethereum holds about $1.37 billion (KRW 1.8468 trillion) while XRP Ledger holds approximately $1.053 billion (KRW 1.4194 trillion). Over the past month, Ethereum's growth rate was 58% compared to XRP Ledger's 24%, indicating a steeper rise on Ethereum.

However, supply hasn't always been increasing. In the last seven days, $98.2 million (KRW 13.237 billion) was burned and $73.9 million (KRW 9.9617 billion) was newly minted, resulting in a net decrease of $24.3 million (KRW 327.56 million).

Larger competitors still exist, with Ethena's USDe at approximately $4.6 billion (KRW 6.2008 trillion) and PayPal's PYUSD at $2.77 billion (KRW 3.734 billion), both surpassing RLUSD in absolute size. Nevertheless, RLUSD has grown by over $1 billion this year, quickly establishing itself among major stablecoin competitors.