Ripple’s RLUSD stablecoin reached a record supply of approximately $2.49 billion, up more than 86% from about $1.33 billion at the start of 2026. That placed it roughly $248 million behind PayPal’s PYUSD, which had a market capitalization of approximately $2.73 billion. RLUSD supply increased by about $112 million over the past week, while PYUSD fell by approximately $61 million. PYUSD has declined roughly 35% from its March 5 peak of $4.214 billion, after starting 2026 at about $3.531 billion. Between September 21 and 28, RLUSD supply rose by approximately $63 million on the XRP Ledger to $1.099 billion and by about $49 million on Ethereum to $1.39 billion. Ethereum held roughly 56% of RLUSD, with the XRP Ledger accounting for 44%. RLUSD remains a small part of the approximately $306 billion global stablecoin market as Ripple increases efforts to expand its use, particularly on the XRP Ledger.