XRP News: Ripple USD Hits Fresh Market Cap ATH Near $2.5B While XRPL Stables Jump 6%

RLUSD, Ripple’s regulated stablecoin, has reached a new all-time high. Its market cap climbed to nearly $2.5 billion on September 22, according to reports.

Tracker data from CoinMarketCap and RWA.xyz currently places it between $2.4B and $2.5B, keeping the ATH intact.

At the same time, total stablecoin supply on the XRP Ledger (XRPL) jumped roughly 6% in a week to approximately $1.19 billion, per DefiLlama. These two data points together signal something broader: the dollar layer inside Ripple’s payments network is quietly expanding.

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RLUSD Prints Fresh Supply Record Near $2.5B

Ripple officially marked $2 billion in RLUSD circulation in late August. Then came a steady climb.

By September 22, the circulating supply had pushed to a new peak near $2.5 billion, a milestone first flagged on X.

Multiple trackers confirm the level, though daily methodology differences mean readings shift between $2.35B and $2.49B depending on the source and snapshot time.

This is not a price breakout. RLUSD remains pegged near $1.00. The ATH is a supply milestone, reflecting how much regulated dollar inventory is now sitting inside Ripple’s payments, treasury, and tokenization stack.

Several demand drivers have fed into that growth. Binance XRP rewards for RLUSD holders pulled more float on-chain.

Mastercard added RLUSD for 24/7 settlement on XRPL. And Stripe and Tempo integration brought RLUSD into AI agent payment flows. Each of these created new mint demand.

Institutional access has also widened. Ripple Mint opened a direct mint-and-redeem channel for institutional players. BNY’s 24/7 Treasury settlement push placed RLUSD at the centre of tokenized reserve operations.

Also, a Japan launch with SBI Group expanded JFSA-approved RLUSD access into a major regulated market. These moves collectively explain why circulating supply has risen so consistently.

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XRPL Becomes a Single-Issuer Dollar Rail , What Investors Should Watch

The broader XRPL stablecoin picture is striking. Per DefiLlama, total stablecoin supply on the XRP Ledger now stands near $1.192 billion, up roughly 6% in seven days and 11% over the past month.

RLUSD accounts for more than 92% of that total, with about $1.101 billion sitting on XRPL alone. That concentration is the key investor read: XRPL is now effectively a single-issuer dollar rail.

That concentration cuts both ways. On one hand, it confirms RLUSD’s dominance and Ripple’s execution across payment and settlement rails.

XRPL previously overtook Ethereum in RLUSD supply, and the gap has only grown. On the other hand, the chain split in RLUSD issuance means issuer risk is concentrated. Reserve, regulatory, and redemption risk all sit with Ripple and Standard Custody, not with XRP holders.

The dollar depth does improve XRP’s utility as a bridge asset. But supply growth is issuance, not upside convexity.

RLUSD’s earlier path to $1 billion already showed that the market responds to utility, not speculation.

The $13 trillion treasury opportunity Ripple has pointed to depends on whether this $2.5B float converts into persistent payment and treasury volume.

Watch whether total supply holds above $2.5B, whether XRPL stables clear $1.25B–$1.5B, and whether next month’s reserve attestation confirms the floor.