tl;dr
Ripple’s stablecoin RLUSD saw a 32.3% supply increase from June to July, exceeding $600 million, making it the second-largest growth among stablecoins with over $500 million supply growth. Since May, RLUSD nearly doubled its supply by July 31. Market capitalization rose from $309 million to $455.3 m...
Ripple’s stablecoin RLUSD experienced a supply surge of 32.3% from June to July, surpassing $600 million. This marked the second most significant growth among stablecoins with over $500 million in supply growth, only behind Ethena Labs’ USDe, which expanded by 63.4% during the same timeframe. RLUSD has been on a robust upward path since May, nearly doubling its supply by July 31.
The stablecoin's market capitalization jumped from $309 million to $455.3 million between May and June, reflecting an increase exceeding 47%. In August alone, RLUSD's supply further increased by 3%. Cumulatively, RLUSD has surpassed $11 billion in transfer volume in 2025, achieving a new monthly all-time high of $3.3 billion in July—a 27% increase over June. Since April, RLUSD has maintained monthly trading volumes above $1 billion, crossing that milestone initially with $1.8 billion in volume.
This growth coincided with Ripple’s strategic efforts to enhance RLUSD’s market presence. Ripple CEO Brad Garlinghouse announced a pursuit of a national banking charter for RLUSD, which alongside its New York Department of Financial Services registration, aims to position RLUSD as the first stablecoin under both state and federal regulation in the United States. Additionally, Ripple named BNY Mellon as its custodian partner on July 9 and launched a multifaceted global strategy to expand RLUSD’s market share.
In the U.S., the Federal Reserve's adoption of the ISO 20022 messaging standard validated Ripple’s early participation as the first blockchain company to join the ISO 20022 Standards Body in 2020. Simultaneously, Ripple is advancing into the European market by ensuring RLUSD’s compliance with the Markets in Crypto-Assets (MiCA) regulation, establishing a strategic base in Luxembourg to anchor this effort.
Nonetheless, skepticism about the authenticity of RLUSD’s growth has emerged. Blockchain investigator ZachXBT questioned whether Ripple's stablecoin user base is genuinely organic, although he later deleted his social media post. He expressed a preference for other stablecoin issuers, stating a much higher trust level in companies like Circle, Paxos, and Tether over Ripple.