By September 27, Ripple’s RLUSD stablecoin had reached a circulating supply of approximately 2.49 billion tokens and a market value close to $2.5 billion, according to CoinMarketCap data. Because RLUSD trades near $1, the increase mainly reflects additional issuance rather than price appreciation. DefiLlama data cited in the report puts the total value of stablecoins on the XRP Ledger at about $1.19 billion, up 6% over seven days and 11% over 30 days. RLUSD accounts for roughly $1.10 billion, or more than 92% of the ledger’s tracked stablecoin supply, while the token’s total circulation also includes balances on Ethereum and other supported networks. Ripple launched RLUSD in December 2024 and issues it through Standard Custody & Trust Company under New York state oversight.