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Ripple’s RLUSD is breathing down PayPal’s neck. The stablecoin jumped $82.1 million in a single day, hitting an all-time supply high of $2.49 billion — and now sits just $248 million behind PYUSD, which has been shrinking for most of 2026.
On September 26, RLUSD climbed from $2.409 billion to $2.491 billion, a new record it’s held since. PayPal’s PYUSD also saw a big daily pop that same session — $82.7 million, the largest single-day increase among all stablecoins per Token Terminal data — rising from $2.697 billion to $2.779 billion. But PYUSD has since slipped back to $2.739 billion, tightening the gap with RLUSD to $248 million. Tether added $69.4 million that day, Sky’s USDS gained $37.4 million, and Ethena’s USDe picked up $35.9 million. A busy 24 hours, basically, across the whole stablecoin space.
RLUSD started 2026 at $1.336 billion.
RLUSD’s Rise vs. PYUSD’s Slide
The contrast between the two stablecoins couldn’t be sharper. RLUSD crossed the $2 billion mark in late August, set a then-record of $2.44 billion on September 14, and is now 86% higher than where it started the year. That’s a real run. Over just the past week, RLUSD added $112 million in supply.
PYUSD is going the other direction. It opened 2026 at $3.531 billion, peaked at $4.214 billion in early March, and has since dropped roughly $1.5 billion — about a 35% fall from that peak. The past week alone saw PYUSD shed $61 million. Part of that came from a sharp reduction on the Arbitrum network, where PYUSD supply fell from $320 million to $229 million. That’s a $91 million drain on one chain in one week, and it’s dragging the overall number down fast.
So while both stablecoins had nearly identical daily supply bumps on September 26, their trajectories over 2026 are basically opposites. RLUSD keeps climbing. PYUSD keeps contracting.
XRP Ledger Takes a Bigger Slice
Where RLUSD actually lives is worth paying attention to. As of September 28, the XRP Ledger holds about 44% of RLUSD’s total supply — roughly $1.099 billion, up from $1.036 billion. Ethereum holds the remaining 56%, at approximately $1.392 billion, up from $1.343 billion.
What’s notable is the pace of XRP Ledger growth lately. Between September 21 and September 28, RLUSD supply on the XRP Ledger grew by $63 million. Ethereum added $49 million over the same stretch. For most of mid-year, Ethereum had been capturing the bulk of new RLUSD supply. That’s been shifting.
Ripple isn’t just watching the numbers move passively. The company has been working with Clearpool and Cicada Partners to build an institutional lending market on the XRP Ledger using RLUSD as the credit asset. The idea is to turn RLUSD into something more than a transfer vehicle — a core piece of financial infrastructure for institutional players who want exposure to on-chain lending. No timeline has been specified publicly, and it’s unclear exactly when that market goes live. But the direction is pretty clear.
And yet — XRP itself isn’t exactly celebrating. The token trades near $1.49, down about 19% since January 1. Bitcoin isn’t doing much better, sitting around $83,000, roughly 5% below its 2026 opening price. The stablecoin market, at $306 billion total, is growing faster than the underlying crypto assets it’s built on. That’s a weird dynamic, and probably says something about how institutional money is moving right now — into stable assets, not volatile ones.
Where RLUSD Fits in a $306 Billion Market
RLUSD’s growth is real, but some context helps. Tether and USDC together command a combined $75.3 billion in market cap. RLUSD at $2.49 billion is still a fraction of that. The stablecoin market is dominated at the top, and that’s not changing anytime soon.
But the PYUSD comparison matters more for the near-term story. PayPal launched PYUSD with serious brand power and distribution advantages. It’s been the stablecoin most people expected to challenge Tether’s dominance in the mid-tier. Instead, it’s contracting. RLUSD, backed by Ripple’s network and increasingly tied to the XRP Ledger’s growing institutional use case, is the one gaining ground.
The dual-chain approach — Ethereum for reach, XRP Ledger for Ripple’s native ecosystem — gives RLUSD some flexibility that single-chain stablecoins don’t have. Whether that’s enough to keep the momentum going is unclear. The lending market with Clearpool and Cicada Partners could be a real driver if it pulls institutional capital in. Or it might not move the needle much. Hard to say.
What’s not hard to say: RLUSD added $112 million in supply over the past week, PYUSD lost $61 million, and the gap between them is now $248 million.
Hub: XRP price, news, and analysis
Frequently Asked Questions
How much did Ripple’s RLUSD grow in supply in a single day?
RLUSD jumped $82.1 million on September 26, reaching a record supply of $2.491 billion — its all-time high as of September 28, 2026.
Why is PYUSD’s supply falling while RLUSD grows?
PYUSD dropped roughly $1.5 billion from its March 2026 peak of $4.214 billion, partly due to a reduction on Arbitrum where supply fell from $320 million to $229 million. RLUSD, by contrast, is up 86% since January 2026.
Why It Matters
The rapid growth of Ripple's RLUSD highlights the increasing competition in the stablecoin market, particularly as established players like PayPal experience supply contractions. This shift signifies a potential reallocation of market share among stablecoins, which could have implications for liquidity and payment processing dynamics within the broader cryptocurrency ecosystem. As RLUSD narrows the gap with PYUSD, it may attract more users seeking alternatives to traditional financial systems, further influencing market trends and adoption rates.
