Ripple’s stablecoin RLUSD has made major progress in recent days, crossing the $300 million mark in circulating supply for the first time. According to data for the week ending June 8, RLUSD saw an increase of $72.5 million, bringing its total supply to around $320.6 million.

This milestone represents a 29% weekly jump and highlights the fast-growing interest in Ripple’s dollar-pegged token. Since its Start on December 17, 2024, RLUSD has grown more than six times in total supply — showing steady adoption in the stablecoin market.

RLUSD Shows Strong Usage Growth

Data from blockchain analytics firm Artemis shows that the increase in RLUSD supply happened at the same time as a major rise in user activity. The weekly transfer volume — or the total value moved using RLUSD — climbed to $648.1 million, up from $469.7 million the previous week. This marks a 38% jump in transaction volume.

This volume is close to RLUSD’s record-high transfer week from April, when users moved $741 million. While RLUSD is still small compared to the giants in the stablecoin space like USDT and USDC, its recent growth suggests that more people are starting to use it.

Currently, RLUSD only represents about 0.1% of the total $236 billion stablecoin market. For comparison, Tether’s USDT rose to $157.9 billion in supply, while Circle’s USDC slightly dropped to $59.6 billion. Other stablecoins like PayPal’s PYUSD and Stably’s USDS also saw small gains during the same period.

However, Ripple’s RLUSD is growing quickly and may become more competitive, especially with recent regulatory wins.

UAE Approval Opens the Door for Expansion

The increase in RLUSD’s supply happened just days after a major development — the Dubai Financial Services Authority (DFSA) officially approved RLUSD for use in the Dubai International Financial Centre (DIFC).

This is a major step for Ripple, as the approval means that up to 7,000 financial firms based in the DIFC can now legally use RLUSD for settling transactions. It also gives RLUSD regulatory credibility both in the U.S. and internationally, putting it in the same league as well-established stablecoins like USDT and USDC.

Ripple plans to integrate RLUSD with its DFSA-licensed payments platform to serve growing demand in the region.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said there’s rising interest in digital asset payments and custody in the region. He described the UAE’s digital economy as “vibrant and dynamic,” suggesting that the country is ready for greater adoption of crypto technologies.

How RLUSD Works

Ripple mints RLUSD under a New York trust-company license. Each token is backed one-to-one by a mix of short-term U.S. Treasury bonds and cash held in regulated accounts. This gives users confidence that each RLUSD is fully backed and secure.

Importantly, no tokens were burned during the recent period, which confirms that the increase in RLUSD supply was due to new issuance — not the reissuing of previously redeemed coins.

This growth indicates increasing demand for the stablecoin in both retail and institutional markets.

More Growth Ahead: Hidden Road Integration

RLUSD is also part of Ripple’s broader strategy, including its recent $1.25 billion acquisition of Hidden Road, a digital asset prime brokerage platform. Ripple plans to integrate RLUSD into Hidden Road’s services, expanding its reach to institutional clients.

This move aligns with Ripple’s long-term goal to build a strong global payments infrastructure using blockchain-based tools.

With the UAE’s support and the growing demand for stablecoins in global financial hubs, RLUSD could soon become a major player in the crypto payments space.

Final Thoughts

Ripple’s RLUSD stablecoin is seeing strong momentum, both in terms of supply and transaction activity. Surpassing $300 million in supply is a key milestone, but the recent approval from the UAE regulator may be even more important.

This development opens the door for RLUSD’s expansion into the Middle East, a region known for rapid fintech adoption. Combined with Ripple’s regulatory backing and infrastructure plans, RLUSD is well-positioned to gain more trust and adoption in the coming months.

If current trends continue, RLUSD could become a serious challenger in the stablecoin market — especially among institutions looking for secure, compliant crypto payment solutions.