Ripple’s RLUSD, a stablecoin tied to the US dollar, has achieved a remarkable feat by entering the top 10 stablecoins based on market capitalization, reaching a valuation of over $1 billion just under a year after its official launch in December 2024.

This upward trajectory has seen RLUSD grow by an impressive 1,278% this year alone.

The stablecoin first surged past the $1 billion mark on a Monday, soon after it had crossed the $900 million threshold on October 24, as reported by CoinGecko.

“With Ripple Prime, GTreasury, and Rail now joining the effort, RLUSD and XRP will drive faster, efficient and compliant settlement worldwide,” said Ripple in a post on platform X, adding: “This is how we advance the future of finance.”

10th Largest US Dollar Stablecoin

While RLUSD lags behind established stablecoins like Tether’s USDT, with a market cap of $183 billion, and Circle’s USDC at $75 billion, it is rapidly becoming a serious player among US dollar-pegged stablecoins.

Currently, RLUSD stands as the 10th largest US dollar stablecoin, boasting daily trading volumes around $174 million, aligning it closely with PayPal USD (PYUSD) and Dai, ranked at seventh and fifth, respectively.

Top 10 USD-pegged stablecoins by market capitalization

Source: CoinGecko

Initially promoted as an “enterprise-focused” stablecoin, RLUSD has also gained traction among retail users, thanks to collaborations with platforms like Transak and increased use in self-custodial wallets such as Xaman.

According to data from RWA.xyz, Ethereum-issued RLUSD still dominates with an 80% market share, while the XRP Ledger version has grown to about 20%.

RLUSD’s significant growth coincided with Ripple’s recent announcement regarding the expansion of its over-the-counter services to include a digital asset spot prime brokerage for US markets. This expansion follows Ripple’s acquisition of the crypto-friendly prime broker Hidden Road as part of a $1.25 billion deal completed in October.