RLUSD Issuance Accelerates as Stablecoin Chases Top 5 Ranking

Ripple has continued to expand its RLUSD stablecoin supply through recent token issuance activities. In September alone, the blockchain firm released 10 million tokens, marking the latest expansion move. This follows an August 29 issuance of 15 million tokens and significantly larger August activity that brought 60 million tokens into circulation, primarily on the Ethereum network. During the same timeframe, 20 million RLUSD tokens were removed from circulation, resulting in a net increase of 40 million tokens.

Reaching the $700 Million Valuation Milestone

RLUSD has achieved a noteworthy milestone, with its market capitalization now reaching approximately $711 million according to CoinGecko. The stablecoin’s growth trajectory has been impressive, requiring just over one month to add $200 million to its total valuation. Since launching in December, the regulated asset has demonstrated steady momentum—crossing the $500 million threshold in late July and continuing its upward trajectory through recent minting events.

The Gap to Top 5 Widens Despite Growth Efforts

Despite the aggressive issuance strategy, Ripple’s stablecoin remains positioned below its stated ranking ambitions. Company leadership has previously articulated targets to enter the top 5 stablecoins by year-end, yet this objective appears increasingly challenging. The competitive landscape presents formidable barriers: PAX Gold (PAXG) currently maintains a market cap of $1.53 billion, while PayPal USD (PYUSD) has surged to $3.88 billion. Beyond these two competitors, RLUSD would need to surpass six additional stablecoins to achieve top 5 status—a feat that appears unrealistic within the current market environment and timeframe.

The mathematical reality suggests that even at current minting rates, closing the valuation gap would require sustained issuance over an extended period, making the near-term realization of leadership’s top 5 goals highly improbable in 2025.