Ripple's dollar-backed stablecoin RLUSD reached $2.6899 billion in circulation on November 12, 2026, intensifying competition with PayPal's PYUSD in the institutional stablecoin market. According to Ripple's official transparency dashboard, the stablecoin is backed by approximately $2.8265 billion in reserve assets, representing coverage of roughly 105.1%. The expansion follows Ripple's ongoing introduction of institutional payment and settlement services since RLUSD's December 2024 launch, with recent partnerships including Coinbase and Robinhood for distribution.
Ripple Discloses $2.83B Reserve Assets for RLUSD Stablecoin
Ripple's latest disclosures show RLUSD reserves exceeding circulating supply by approximately $136.6 million on November 12, 2026. The company states reserves are held in segregated accounts and consist of cash, US government securities, and other highly liquid assets.
RLUSD is issued by Ripple Custody & Trust Co., a New York Department of Financial Services-supervised trust company. The stablecoin launched in December 2024.
Earlier this month, Ripple CEO Brad Garlinghouse addressed concerns about RLUSD replacing XRP, explaining that the two assets serve different purposes. Unlike XRP, which fluctuates with market demand, RLUSD targets a stable value of one US dollar.
PayPal's PYUSD Competes in Regulated Stablecoin Market
PayPal's PYUSD offers another regulated dollar-backed stablecoin, issued by Paxos Trust Company, with an emphasis on consumer payments, transfers, and digital wallets. Both stablecoins target a one-dollar value, meaning their market capitalizations depend largely on circulating supply rather than speculative price appreciation.
Direct comparison requires observations from the same reporting period. While Ripple has disclosed its November 12 circulation figure, Paxos' publicly available reserve reports do not independently establish PYUSD's circulation on that date. The competition extends beyond market-cap rankings to distribution, redemption services, and institutional adoption.
Standard Chartered and Moody's Support RLUSD Institutional Adoption
Ripple recently gained Standard Chartered custody support. Plans to integrate RLUSD into LMAX Group's collateral infrastructure remain subject to implementation requirements.
The company also received investment-grade ratings from Moody's, adding another consideration for institutional investors evaluating reserve quality and redemption risks.
FAQ
What did Ripple disclose about RLUSD circulation on November 12, 2026?
Ripple's official transparency dashboard shows RLUSD had $2.6899 billion in circulation on November 12, 2026, backed by approximately $2.8265 billion in reserve assets. The reserves exceeded circulating supply by approximately $136.6 million, representing coverage of roughly 105.1%.
How does RLUSD differ from XRP according to Ripple's CEO?
Ripple CEO Brad Garlinghouse explained earlier this month that RLUSD and XRP serve different purposes. Unlike XRP, which fluctuates with market demand, RLUSD targets a stable value of one US dollar. RLUSD is issued by Ripple Custody & Trust Co., a New York Department of Financial Services-supervised trust company.
