tl;dr
Ripple’s USD-pegged stablecoin RLUSD closed Q1 2025 with a combined market capitalization of $244.2 million across the XRP Ledger (XRPL) and Ethereum. On XRPL, RLUSD reached $44.2 million, becoming the largest stablecoin on the network. The total market cap of fungible tokens on XRPL grew 6.5% QoQ t...
Ripple’s stablecoin RLUSD attained a combined market capitalization of $244.2 million across both the XRP Ledger (XRPL) and Ethereum by Q1 2025, with $44.2 million on XRPL, making it the largest stablecoin on that network.
The introduction of the Automated Market Maker (AMM) Clawback amendment on XRPL now permits compliant tokens like RLUSD to be traded on AMMs, anticipated to enhance liquidity and facilitate on-chain trading of real-world assets as well as cross-chain arbitrage opportunities.
RLUSD is fully backed by US dollar deposits, short-term US Treasuries, and cash equivalents, supported by monthly third-party attestations, providing strong asset backing and trust.
The stablecoin's ecosystem expanded through integrations such as Chainlink Price Feeds on Ethereum and inclusion in Ripple Payments. It also gained listings on key exchanges such as Kraken, Bitstamp, LMAX Group, Zero Hash, and others, increasing accessibility and trading volume.
Strategic partnerships have played a vital role in RLUSD’s development, with Korean custody provider BDACS partnering with Ripple to enhance custody services for XRP, RLUSD, and other digital assets, strengthening infrastructure and security for holders.
Despite this growth, RLUSD’s adoption on XRPL is still modest compared to established stablecoins like Tether (USDT) and USD Coin (USDC), which hold market caps of $144 billion and $60.1 billion, respectively, across supported networks.
The AMM Clawback support amendment, implemented in January 2025, marks a significant milestone by enabling compliant clawback-enabled tokens like RLUSD to operate on XRPL's AMMs, which is expected to drive increased AMM activity and open new DeFi applications.
Since its public launch on December 17, 2024, RLUSD has steadily grown its market presence and infrastructure, highlighting Ripple’s ongoing commitment to enhancing fiat-backed stablecoins within the crypto ecosystem and supporting interoperability between blockchains.