Key takeaways Ripple reports nearly $2.69 billion in RLUSD circulation RLUSD reserves exceed outstanding supply by $136 million Coinbase and Robinhood partnerships expand institutional stable
Ripple's dollar-backed stablecoin RLUSD has approached $2.7 billion in circulation, intensifying competition with PayPal's PYUSD as both financial technology companies expand their presence in digital payments.
According to Ripple's official transparency dashboard, RLUSD had $2.6899 billion in circulation on November 12, 2026, backed by approximately $2.8265 billion in reserve assets.
Ripple's RLUSD Reaches $2.69B With $2.83B in ReservesRipple's latest disclosures show RLUSD reserves exceeding circulating supply by approximately $136.6 million, representing coverage of roughly 105.1%.
The company says 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 and has expanded rapidly as Ripple introduces additional institutional payment and settlement services.
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 Faces a Growing Institutional RivalPayPal'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.
However, 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 therefore extends beyond market-cap rankings to distribution, redemption services and institutional adoption.
Ripple recently gained Standard Chartered custody support, while 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.
