Ripple’s RLUSD stablecoin has been steadily gaining momentum, emerging as one of the fastest-growing assets in the crypto space.
Data from DeFillama reveals that RLUSD’s circulating supply surged by 47% this month, reaching an impressive $455 million in June. This means its supply increased by over $150 million this month.
Ripple RLUSD Gains Ground as Ethereum Supply Quadruples
According to the data, approximately $390 million of RLUSD’s supply is on the Ethereum network, while $65 million resides on Ripple’s XRP Ledger.
Notably, the stablecoin’s supply on Ethereum has grown by nearly four times since January, according to blockchain analytics platform Token Terminal.
Market analysts noted that several key factors have contributed to RLUSD’s impressive market growth.
One of the primary drivers is the passage of the US GENIUS Act, which provides clear regulatory guidelines for dollar-backed stablecoins.
This legal framework is expected to encourage further growth in the sector by enabling stablecoin issuance under well-defined regulations.
Moreover, Ripple’s improved legal standing with the US Securities and Exchange Commission (SEC) is further boosting RLUSD’s appeal in the industry.
After a five-year legal battle, Ripple CEO Brad Garlinghouse announced that the company would drop its cross-appeal. This move signals a possible end to the protracted legal dispute.
Considering this, market observer expects the development to strengthen confidence in RLUSD as a reliable stablecoin for industry players.
Ripple launched RLUSD in December 2024 as a US dollar-pegged stablecoin designed to meet regulatory standards and offer global accessibility. The digital asset is minted under a New York trust company license and is backed by short-term Treasurys and cash.
In addition to the US legislative advancements, RLUSD has also received approval from the Dubai Financial Services Authority (DFSA), which regulates the Dubai International Financial Centre (DIFC).
This approval allows companies within the DIFC to use RLUSD for various virtual asset services, including payments and treasury management.
The DIFC is home to nearly 7,000 registered businesses and serves as a key financial hub for the Middle East, Africa, and South Asia. This positioning sets the stage for broader adoption of RLUSD across these regions.
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