Ripple’s dollar-backed RLUSD stablecoin has exceeded a $2 billion market capitalization, accelerating the company’s effort to build an institutional digital-asset business since the token launched in December 2024. Vet, a validator on the XRP Ledger’s decentralized unique node list, described RLUSD as the fastest-growing stablecoin regulated by the New York Department of Financial Services. Ripple is targeting institutional uses including payments, settlement, liquidity management, tokenization and decentralized finance. RLUSD is designed to maintain a one-to-one peg with the U.S. dollar through segregated cash and cash-equivalent reserves, with monthly attestations by an independent U.S.-licensed certified public accountant. Nearly $1 billion of RLUSD is circulating on the XRP Ledger, while the token is also deployed on Ethereum and other blockchains. Separately, Ripple is backing an institutional lending initiative involving Clearpool and Cicada, with the effort focused on RLUSD utility. Details including the fund’s size, timing and counterparties have not been disclosed. The developments come as the GENIUS Act, which establishes a federal framework for payment stablecoins, moves toward implementation, with the U.S. Treasury targeting January 18, 2027, for the rules to take effect.