RLUSD Market Cap Surpasses $2 Billion as XRP Ledger Transition Advances, XRP ETF Trading Volume Hits Record High

The market capitalization of RLUSD, a USD-pegged stablecoin developed by Ripple, has surged nearly eightfold from approximately $250 million (about ¥39.87 billion) as of April 2025, surpassing the milestone of $2 billion (about ¥322.2 billion).

XRP ETF trading volume has reached an all-time high. On August 20, the U.S. spot XRP ETF recorded a trading volume of approximately $125 million in a single day, marking the highest since its listing. Additionally, the net inflow for August has already exceeded $56 million, reflecting record trading volumes and accelerating inflows.

In the regulated U.S. spot XRP ETF market, a symbolic movement indicating the expansion of market participants has been observed, with daily trading volume reaching $125 million (about ¥19.94 billion) on Thursday, August 20, 2026, setting a new record since its listing. Furthermore, the net inflow for the month has also surpassed $56 million (about ¥8.93 billion), indicating a steady increase in demand for investment opportunities in XRP through traditional investment channels.

While this movement does not guarantee immediate price increases, it solidifies the foundation for a broad influx of capital, primarily from institutional investors.

RLUSD Reaches $2 Billion Market Cap and Multi-Chain Expansion

The asset RLUSD adopts a structure that allows for direct native issuance across multiple blockchains.

Last week, RLUSD surpassed a market capitalization of $2 billion, with the amount issued on the XRP Ledger reaching approximately $1 billion. Launched in December 2024, it was built with a focus on practicality and designed for enterprise use cases.

RLUSD is just getting started.

On Ethereum: Approximately $1.05 billion
On XRP Ledger (XRPL): Approximately $962.8 million

The strategy leverages the vast liquidity of Ethereum's DeFi (Decentralized Finance) space and the fast, low-cost payment capabilities that XRPL excels at. The reserves are backed by short-term U.S. Treasury bills and deposits, ensuring one-to-one value transparency through monthly attestations by Deloitte.

Presence and Liquidity Expansion within XRP Ledger

With the issuance scale of RLUSD on XRPL nearing $1 billion (about ¥159.5 billion), the total supply of stablecoins on the network has exceeded the $1 billion mark.

RLUSD holds an overwhelming share of over 90%, functioning as the core payment infrastructure within the ecosystem.

On-chain data indicates that the total number of remittances across the entire network in the last 30 days reached 1.39 million, totaling $11.8 billion (about ¥1.9 trillion). Notably, the trading pair of RLUSD and XRP accounts for the majority of transactions within the network, rapidly increasing its practicality for cross-border payments and liquidity provision.

Evolution as Financial Infrastructure for Institutional Investors and Future Prospects

Ripple is evolving beyond just an asset for individuals, enhancing its issuance and management system for institutional investors through international remittances and financial management for enterprises, as well as collaborations with Mastercard and the introduction of Ripple Mint. Furthermore, future developments are expected to include lending protocol approvals on XRPL, paving the way for a full-scale entry into the credit market.

The dual trends of capital inflow through ETFs and the provision of practical on-chain liquidity by RLUSD are creating a synergistic effect, steadily advancing the construction of a robust financial infrastructure for the entire ecosystem.

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