Ripple's RLUSD Overtakes PayPal's PYUSD
Ripple's US dollar-backed stablecoin RLUSD has surpassed PayPal's PYUSD in market capitalization, reaching approximately $2.71 billion compared to PYUSD's $2.69 billion.
This milestone was achieved less than two years after Ripple's formal introduction of RLUSD in December 2024, highlighting its rapid growth in the cryptocurrency market. The development comes as Ripple continues to expand institutional partnerships and exchange integrations for its stablecoin.
Growing Institutional Adoption
A prominent XRP Ledger validator, Vet, commented on RLUSD's rising significance in the stablecoin industry. "RLUSD is now a Top 5 USD backed stablecoin. On its way to be in Top 3," Vet stated, noting that increasing adoption could lead to faster adoption of the XRP Ledger by traditional financial institutions.
RLUSD is now a Top 5 USD backed stablecoin. On its way to be in Top 3.
Vet emphasized RLUSD's growing payment volume and increased usage on the XRP Ledger, which has opened doors to numerous integrations with banks and crypto exchanges. These integrations could motivate financial institutions to not only support the XRPL but also integrate other tokenized assets on it.
Key Partnerships Drive Growth
RLUSD's market cap growth follows several significant institutional partnerships. On October 28, Ripple announced a partnership with Coinbase to provide RLUSD for retail and institutional users across Coinbase Exchange, Coinbase Prime, and its retail trading app.
Coinbase also announced support for RLUSD across multiple blockchain networks including the XRP Ledger, Ethereum, and Base. Additionally, Ripple's partnership with banking giant BNY, which serves as the custodian of reserves for RLUSD, continues to strengthen.
Standard Chartered has also joined the ecosystem, launching institutional custody services for RLUSD on the XRP Ledger in October. These developments position RLUSD for continued growth and increased relevance in the stablecoin market.
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