Ripple’s stablecoin RLUSD has seen impressive growth in supply, with a 32.3% increase between June and July, pushing its total supply past $600 million. This growth is the second highest among stablecoins with over $500 million in supply, trailing only Ethena Labs’ USDe, which grew by 63.4% during the same period.
Since May, RLUSD has been on a steady growth trajectory, almost doubling its supply by the end of July. The stablecoin’s market cap saw a significant jump from $309 million to $455.3 million between May and June, marking an increase of over 47%. In August, the growth continued with a 3% increase.
In another milestone, RLUSD surpassed $11 billion in cumulative transfer volume in 2025. July saw a new monthly all-time high with $3.3 billion in volume across various platforms, a 27% increase from June. Since April, RLUSD has consistently maintained a monthly trading volume above $1 billion, with April recording $1.8 billion in volume.
The surge in RLUSD’s supply coincided with Ripple’s efforts to boost its market share. CEO Brad Garlinghouse announced plans to secure a national banking charter for RLUSD, aiming to make it the first stablecoin under both state and federal oversight in the US, in addition to its registration with the New York Department of Financial Services. BNY Mellon was announced as Ripple’s custodian partner on July 9.
Ripple also implemented a multi-pronged global strategy to expand RLUSD’s market reach. In the US, the Federal Reserve’s adoption of the ISO 20022 messaging standard benefitted Ripple, as the first blockchain-focused company to join the ISO 20022 Standards Body in 2020. Additionally, Ripple is reportedly making strides in the European market by ensuring RLUSD compliance with MiCA regulations and establishing a strategic presence in Luxembourg.
However, concerns have been raised about the authenticity of RLUSD’s user base. Blockchain investigator ZachXBT questioned the legitimacy of Ripple’s stablecoin users before deleting the social media post. While some share these doubts, others like Circle, Paxos, and Tether are viewed as more trustworthy stablecoin issuers.
In conclusion, RLUSD’s significant growth in supply and trading volume, coupled with Ripple’s strategic initiatives to expand its market presence, indicate a promising future for the stablecoin. Despite some skepticism, Ripple’s efforts to establish regulatory compliance and secure key partnerships position RLUSD for continued success in the evolving cryptocurrency landscape.