Ripple’s stablecoin is quickly becoming one of the most important players on the market. RLUSD saw its supply grow by 47% in June, the fastest growth rate of any major stablecoin in the month. Total circulation now stands at $455 million, up from just over $300 million the previous week. Ethereum Is Driving the Surge The bulk of RLUSD’s supply is on Ethereum, which hosts roughly $390 million of the $455 million total. That’s nearly a fourfold increase since January, according to Token Terminal data . @Ripple 's RLUSD stablecoin is growing on @ethereum , with supply up ~4x since January. pic.twitter.com/nQ88TYVtnc — Token Terminal (@tokenterminal) June 28, 2025 While Ripple’s native XRP Ledger still supports around $65 million of RLUSD, Ethereum’s familiarity and deep liquidity are attracting most users. It’s become the go-to platform for DeFi integrations, exchange listings, and app-level adoption. Ripple’s willingness to support RLUSD across multiple chains shows a strategic shift. Instead of limiting the stablecoin to its ecosystem, the company is opting for interoperability. Regulatory Clarity Strengthens RLUSD Legal and regulatory progress is also fueling RLUSD’s growth. In the U.S., the recently passed GENIUS Act has established clearer rules for dollar-backed stablecoins. Ripple, having spent years in court with the SEC, now enjoys more legal clarity than many of its peers. Ripple CEO Brad Garlinghouse confirmed the company has dropped its cross-appeal against the SEC, signaling movement toward a final resolution. That easing legal pressure has helped RLUSD gain market credibility at a crucial moment. Internationally, RLUSD recently received approval from the Dubai Financial Services Authority (DFSA), allowing it to operate within the Dubai International Financial Centre (DIFC), a growing financial hub for the Middle East, Africa, and South Asia. A New Contender in the Stablecoin Wars While USDT and USDC continue to dominate, RLUSD’s expansion shows that demand is growing for stablecoins that combine compliance, flexibility, and global reach. Ripple’s June breakout wasn’t accidental. It’s the result of deliberate steps: legal alignment, cross-chain support, and global licensing. Few new stablecoins manage to scale this quickly, especially in a market where trust matters more than ever.
