RLUSD surpasses $1.64B – What are the 2 factors behind the stablecoin’s rise?

Ripple USD [RLUSD] has surpassed $1.64 billion in market capitalization, strengthening its position among the largest dollar-backed stablecoins. The milestone reflects continued supply expansion and adoption since launch, helping RLUSD establish a clearer gap over smaller competitors. At press time, its daily trading volume stood at $71.3 million. This implies steady market activity as the stablecoin expands its footprint across payment and settlement networks. Source: CoinGecko Tether [USDT] commands the largest share of the stablecoin market cap, at roughly $186.4 billion, while USD Coin [USDC] trails it, holding nearly $75 billion. While the milestone reinforces its growing relevance, the difference highlights the network’s progress and the scale of the challenge ahead for the native U.S. dollar-pegged stablecoin of the Ripple [XRP] ecosystem. RLUSD pushes beyond issuance-led growth RLUSD’s expansion is increasingly being supported by distribution rather than issuance alone. Ripple’s 15th of June announcement confirmed RLUSD’s launch on Gate.io, introducing XRP/RLUSD trading alongside Bitcoin [BTC], Ethereum [ETH], and USDT pairs. Source: X This development broadens access to the stablecoin and creates additional liquidity routes across the XRP ecosystem. As a result, RLUSD gains exposure to a larger user base while improving capital movement between digital assets. Yet, accessibility alone is not enough. Sustained growth in wallet activity, transfer volume, and exchange liquidity will determine whether RLUSD’s expanding reach translates into lasting market relevance. XRPL adoption strengthens RLUSD’s role RLUSD is increasingly becoming a utility-driven stablecoin rather than a supply-growth story. According to DeFiLlama data, it now controls roughly 98% of XRPL stablecoin liquidity, representing about $760 million in value. As adoption expanded, transfer volume exceeded $26 billion during Q1, while daily transactions regularly surpassed two million. This suggests users are actively moving capital through RLUSD rather than holding it passively. Source: TokenTerminal Meanwhile, Ripple’s push into enterprise payments is creating a second growth avenue. If institutional settlement activity continues rising, RLUSD could strengthen XRPL liquidity further. Still, sustained adoption remains essential for long-term relevance beyond the XRP ecosystem. Final Summary Ripple USD surpassed $1.64 billion in market value, but deeper liquidity growth remains crucial for sustained expansion. RLUSD is gaining utility across XRPL and payments, though broader adoption will determine long-term market share.