Ripple’s Stablecoin RLUSD Inches Closer to $1.5B Milestone

• Fresh RLUSD mints lifted the circulating supply to about $1.40 billion.
• RLUSD remains fully backed, with reserves exceeding supply levels.
• Binance research notes RLUSD crossed $1B with smooth, consistent growth.

Ripple’s U.S. dollar stablecoin, RLUSD, is edging closer to a milestone after fresh minting activity on the XRP Ledger pushed its circulating supply further upward. On-chain data from the Ripple Stablecoin Tracker shows that 28.2 million RLUSD was minted at the RLUSD Treasury on Monday, followed by an additional 59 million RLUSD issuance. Together, the two transactions added 87.2 million RLUSD in new supply.

These latest mints bring RLUSD’s total circulating supply to about $1.40 billion, placing it within striking distance of the $1.5 billion level. 

For the unversed, RLUSD is designed primarily for institutional use rather than retail trading or short-term yield strategies. The stablecoin is issued by Standard Custody, a limited-purpose trust company chartered and supervised by the New York Department of Financial Services (NYDFS). Under this framework, RLUSD must be backed 100% by U.S. dollars and highly liquid cash equivalents, with reserves held in segregated accounts.

Transparency and Reserve Oversight

Ripple publishes monthly reserve reports for RLUSD, prepared by an independent U.S.-licensed Certified Public Accountant. These reports confirm the amount of RLUSD in circulation and detail the composition of the reserve fund. The attestations follow standards set by the American Institute of Certified Public Accountants and NYDFS guidance issued in 2022.

As of January 22, 2026, RLUSD’s reserve funds exceeded the circulating supply, reinforcing the stablecoin’s fully backed status. New reports are released within 30 days of each month’s end.

How RLUSD’s Growth Compares

Recent research from Binance shows how RLUSD’s growth differs from that of other new stablecoins. In its 2025 stablecoin report, Binance said that RLUSD was one of six stablecoins to cross a $1 billion market cap during the year.

The report found that consumer-focused stablecoins such as PYUSD and USD1 showed uneven growth, often driven by short-term incentives like high-yield DeFi campaigns or promotional interest rates. In contrast, institutional-focused stablecoins, including RLUSD, followed a smoother and more consistent upward path.

With supply continuing to expand at a measured pace, attention is now on whether RLUSD will soon cross the $1.5 billion milestone.

Related: Ripple Wins Full EMI Approval in Luxembourg, Eyes EU Expansion