Ripple’s RLUSD passes PayPal’s PYUSD to become seventh-largest stablecoin
Ripple's RLUSD stablecoin has surpassed PayPal's PYUSD to become the seventh-largest stablecoin by market capitalization, with a lead of approximately $40 million as of November 12, 2026.
The pass came from both directions simultaneously. While RLUSD held steady or slightly increased, PYUSD lost approximately $99-136 million in supply in a single day. Over the 30 days leading to the crossover, RLUSD added $258 million in supply while PYUSD's supply contracted.
RLUSD's Growth Trajectory
RLUSD launched globally on December 17, 2024, and began 2026 with a market cap of roughly $1.34 billion before climbing to its current $2.71 billion. This growth has been attributed to exchange integrations and rising institutional adoption.
PYUSD's Declining Supply
PYUSD, issued by Paxos on PayPal's behalf, has pulled back from its 2026 peaks. Its reserves consist of dollar deposits, US Treasuries, and cash equivalents. The continued supply contraction leading up to the crossover suggests a persistent downward trend.
Future of the Stablecoin Race
Key indicators to watch include whether RLUSD maintains its lead through daily supply swings, if PYUSD's contraction is temporary or sustained, and whether RLUSD's distribution on the XRP Ledger increases. The validator's top-three forecast would require significantly larger supply gains than RLUSD has shown recently.
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