Ripple’s RLUSD Stablecoin Tops $500M Market Cap in Just 7 Months

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Ripple’s dollar-backed stablecoin, RLUSD, has surpassed $500 million in market capitalization just seven months after launch.

According to CoinGecko, the token—minted on both XRP Ledger and Ethereum—now ranks among the top 20 dollar stablecoins, with daily trading volume hitting $26 million.

The milestone comes as Ripple seeks a national trust-bank charter from U.S. regulators, which would allow it to issue RLUSD under federal banking rules. Rival stablecoin issuer Circle has also applied for a similar license, aiming to expand institutional custody services.

Launched in December 2024, RLUSD is fully backed by cash, cash equivalents, and short-term U.S. Treasuries. Its rapid growth coincides with a more crypto-friendly regulatory environment under the Trump administration, including relaxed OCC rules for banks dealing with digital assets.