# RLUSD tops Ethereum market cap on XRP Ledger, XRP still lagging

**Published:** 2026-07-03T15:04:25.190Z  
**Topic:** Ethereum  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/65fa22ea-b186-4fef-869d-229d2828bce6

RLUSD hits $1.6 bn market cap, overtaking Ethereum on the XRP Ledger; XRP sees little demand despite growing settlement volume.

RLUSD’s market cap passed $1.6 billion on May 26, pushing it ahead of Ethereum on the XRP Ledger and highlighting a widening gap between the stablecoin’s usage and XRP’s token demand. The surge matters because RLUSD now handles 88 % of stablecoin liquidity on the ledger, yet XRP’s price remains near $1.30, down more than 40 % from its start‑of‑year level.

| At a glance | |
|---|---|
| Market cap | RLUSD $1.6 bn (up from $132 m a year ago) |
| 24h price move | XRP ≈ ‑0.5 % around $1.33 |
| Key level | XRP support near $1.25; RLUSD dominance 88 % of stablecoin liquidity |
| Catalyst | RLUSD’s rapid supply growth and institutional listings; XRP’s fee‑only role |

## RLUSD’s explosive growth

Since its December 2024 launch, RLUSD added roughly $370 million of circulating supply in April alone, taking its market cap from $132 million a year earlier to $1.6 billion today [1]. Transfer volume hit $18.4 billion in Q1 2026—the highest quarterly total on record—with more than 55 % occurring in March [1]. The stablecoin now dominates 88 % of all stablecoin liquidity on the XRP Ledger, settling most transactions while XRP merely pays a 0.00001 XRP fee per transaction [1]. That fee burn is negligible relative to XRP’s circulating supply, offering no meaningful supply‑tightening effect.

Institutional acceptance reinforced the trend. OKX listed RLUSD across 280+ pairs and accepted it as margin collateral, while Bullish, the second‑largest crypto‑settled derivatives market, did the same in late April [1]. Both exchanges granted RLUSD the same risk tier as USDT and USDC, yet XRP was excluded from these deals.

## XRP’s price stuck despite higher ledger activity

Ripple’s ten major 2026 partnerships—including Deutsche Bank, Société Générale, JPMorgan and Mastercard—settled entirely in stablecoins, with XRP again limited to fee payments [1]. The largest deal on May 6 used RLUSD for a tokenized Treasury settlement; XRP’s role was confined to the transaction fee [1]. Consequently, XRP opened 2026 at $2.42 but now trades around $1.30‑$1.37, a drop of more than 40 % [1].

The broader market offers little lift. Bitcoin has struggled to breach $80 k in May, and the Federal Reserve kept rates at 3.50‑3.75 % while pushing its 2026 inflation forecast to 2.7 % [1]. XRP’s price has historically needed a bullish crypto backdrop to rally, which is currently absent.

## What to watch

- **Regulatory clarity**: The CLARITY Act, if passed, would lock XRP’s commodity status into law and could unlock direct settlement demand [1].
- **Federal Reserve Tier 3 account**: A decision on Ripple’s Tier 3 application, paused until December 2026, may affect XRP’s access to U.S. payment infrastructure [1].
- **On‑chain volume**: Continued growth in RLUSD transfer volume (currently $18.4 billion Q1) and its share of ledger activity will indicate whether XRP can capture more fee revenue.

RLUSD’s ascent shows that stablecoin settlement can thrive on the XRP Ledger without pulling demand for XRP itself. Whether future regulatory moves or a shift in settlement design will give XRP a larger role beyond fee burning remains the key question.

## Sources
1. 24/7 Wall St — [RLUSD Just Crossed $1.6 Billion Market Cap: Here’s Why It’s Not Helping XRP](https://247wallst.com/investing/2026/05/26/rlusd-just-crossed-1-6-billion-market-cap-heres-why-its-not-helping-xrp/)
2. 24/7 Wall St — [Ripple Just Plugged the XRP Ledger Into AI Payments and America’s Biggest Remittance Corridor: What It Means for XRP](https://247wallst.com/investing/cryptocurrency/2026/06/12/ripple-just-plugged-the-xrp-ledger-into-ai-payments-and-americas-biggest-remittance-corridor-what-it-means-for-xrp/)

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Cite as: TrendWatcher, "RLUSD tops Ethereum market cap on XRP Ledger, XRP still lagging", https://www.trendwatcher.in/article/65fa22ea-b186-4fef-869d-229d2828bce6