Ripple’s dollar-backed stablecoin RLUSD surpassed $2 billion in market capitalization less than two years after its December 2024 launch, Ripple confirmed on August 25, 2026. RWA.xyz estimated the market value at about $2.02 billion, while later CoinMarketCap and community-tracker readings placed it between $2.08 billion and $2.11 billion. Approximately 46% of supply, or $960 million to $975 million, was circulating natively on the XRP Ledger, compared with roughly 53% to 54% on Ethereum. Monthly transfers reached about $11.8 billion to $12.3 billion across more than 1.3 million transactions, while holders numbered roughly 82,000 to 84,000. RLUSD accounted for more than 90% of stablecoin value on the XRP Ledger, pushing the network’s aggregate stablecoin holdings above $1 billion. Its growth has expanded dollar liquidity, RLUSD/XRP trading, decentralized-exchange activity and potential institutional payment, treasury, settlement and lending use cases. Each XRP Ledger transfer incurs fees paid in XRP, linking stablecoin activity to the native token’s utility, although deeper RLUSD liquidity does not automatically create net demand for XRP or determine its price. Proposed XLS-65 and XLS-66 amendments could support single-asset vaults and lending markets, but require validator approval before mainnet activation. Continued growth will depend on issuance demand, technical upgrades and real-world adoption.