Reserves, Liquidity and XRP Ripple Demand

The XRP Ripple RLUSD stablecoin has reached roughly $2.4Bn in market capitalization, with stablecoins gaining another source of dollar liquidity for digital-asset markets.

In a September 30 update, Ripple senior vice president of stablecoins Jack McDonald said RLUSD had grown more than 50% in a month and that average daily activity had more than tripled since the start of the year.

The $RLUSD monthly independent attestation for August is now live! And your quick rundown of the latest…

1/ $RLUSD continues to climb, reaching ~$2.4B in market cap, up more than 50% in a month. What’s more exciting… average daily activity has more than tripled since the start…

— Jack McDonald (@_JackMcDonald_) September 30, 2026

Ripple’s transparency dashboard listed $2.409Bn in circulating tokens against $2.5315Bn in reserve funds as of September 24. The figures show the scale of the dollar-linked token, but its expanding supply does not by itself establish higher demand for XRP or a higher XRP price.

RLUSD’s growth also comes with distribution across the Ethereum network and the XRP Ledger (XRPL), Ripple’s public network for transferring assets. The expansion may add liquidity and more settlement activity across those networks, while the investment case for XRP remains distinct from the stablecoin’s dollar-pegged function.

What do the RLUSD Reserve Figures Show?

(RWA.xyz)

The September 24 dashboard snapshot records circulating RLUSD and reserve funds at different amounts, with reserves about $122.5M above circulation. That comparison is specific to that date; it should not be merged with the separate August attestation, which covers earlier snapshots.

For August 31, the independent attestation recorded 2,325,969,308 outstanding tokens and reserve assets valued at $2,446,312,864, roughly $120.3M above the token amount. The examination, dated September 29, covered August 17 and August 31. Ripple’s transparency dashboard publishes monthly reserve reports, giving readers dated figures rather than a single undifferentiated balance.

RLUSD is designed to track the U.S. dollar. Reserve backing and redemption mechanisms help support that target: in practical terms, reserves provide assets intended to support tokens in circulation and their exchange for dollars.

What Does the Growth of RLUSD Mean for XRP Ripple?

Ripple issues RLUSD through its subsidiary, Standard Custody & Trust Company, regulated by the New York State Department of Financial Services. RLUSD’s backing is separate from the issuer’s property, protecting the assets supporting the tokens.

As of September, RLUSD had a market cap of approximately $2.4Bn, with around $1.37Bn on Ethereum and $1.05Bn on the XRP Ledger. This expansion lets businesses use digital dollars for invoicing and settlements without relying on unstable cryptocurrencies.

In its first week on Spark’s Stablecoin FX Layer on Uniswap v4, RLUSD/USDS processed over $600M. The updated XRP Ledger AI Starter Kit allows AI agents to make one-time payments using XRP or RLUSD. While this boosts liquidity and usage, it doesn’t guarantee increased demand or value for XRP, as RLUSD is designed to maintain a dollar value, distinct from XRP’s fluctuating market price.

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