Ripple's stablecoin RLUSD has achieved a major milestone by surpassing PayPal's PYUSD in market capitalization, solidifying its position as a leading stablecoin globally. According to recent data from CoinGecko, RLUSD's market cap has reached approximately $2.71 billion, surpassing PYUSD's $2.69 billion. This achievement comes just under two years after Ripple officially launched RLUSD in December 2024, highlighting its rapid growth in the cryptocurrency market.
A prominent XRP Ledger validator, Vet, commented on this development, emphasizing the increasing importance of RLUSD in the stablecoin industry. Vet noted that RLUSD is now a top 5 USD-backed stablecoin and is on its way to becoming a top 3 stablecoin. He also highlighted Ripple's contributions to building the XRP Ledger and suggested that the growing adoption of RLUSD could accelerate the adoption of the blockchain by traditional financial institutions.
Vet further stressed the significance of RLUSD's rising payment volume and its increased use on the XRP Ledger. He mentioned that RLUSD has opened the door to numerous integrations with banks and crypto exchanges, which could motivate financial institutions to support the XRPL and integrate other tokenized assets.
This record for RLUSD follows several key institutional partnerships and exchange integrations announced by Ripple recently. On October 28, Ripple partnered with Coinbase to provide RLUSD for retail and institutional users across various platforms. Additionally, Ripple's partnership with banking giant BNY, the custodian of reserves for RLUSD, is deepening. Standard Chartered also launched institutional custody services for RLUSD on the XRP Ledger in October.