Ripple's USD-pegged stablecoin RLUSD reached a total market capitalization of 244.20 million USD on the XRP Ledger (XRPL) and Ethereum in the first quarter of 2025.

Background Information:
- RLUSD's market cap on XRPL is 44.20 million USD, making it the largest stablecoin on the network.
- Driven by this, the total market cap of issued currencies on XRPL grew by 6.5% quarter-over-quarter, reaching 281.50 million USD.
- Despite this, the adoption rate of stablecoins on XRPL remains lower than mainstream stablecoins such as USDT and USDC.

Key Events:
- In January 2025, XRPL implemented the AMM Clawback amendment, enabling compliant tokens with clawback mechanisms, like RLUSD, to be traded on Automated Market Makers (AMM).
- RLUSD was publicly issued on XRPL and Ethereum on December 17, 2024, fully backed by USD deposits, short-term U.S. Treasury bills, and cash equivalents, with monthly attestations by a third party.
- In January 2025, Ripple announced the integration of Chainlink price oracles on Ethereum to provide pricing data for RLUSD.
- In April 2025, RLUSD was incorporated into Ripple's cross-border payment platform and supported by multiple exchanges including Kraken.
- South Korean custody service provider BDACS formed a strategic partnership with Ripple to offer custody services for digital assets such as XRP and RLUSD.

Potential Impact:
- The AMM Clawback amendment is expected to boost AMM activities, promoting the listing of more compliant assets on XRPL.
- It may enable on-chain trading of previously illiquid Real World Assets (RWA), allowing participation in AMM earnings and cross-chain price arbitrage.

RLUSD

<p>Ripple’s USD-pegged stablecoin, RLUSD, closed Q1 2025 with a combined market capitalization of $244.2 million across the XRP Ledger (XRPL) and Ethereum.</p><p>On XRPL alone, RLUSD reached a market cap of $44.2 million, making it the largest stablecoin on the network, according to the latest report by Messari. Due this growth, the total market cap of fungible tokens, known as Issued Currencies, surged by 6.5% QoQ to $281.5 million.</p><h2>RLUSD Stablecoin: Q1 2025</h2><p>Despite this milestone, stablecoin adoption on XRPL remains limited compared to dominant stablecoins like Tether (USDT) and USD Coin (USDC), which ended Q1 with total market caps of $144.0 billion and $60.1 billion, respectively, across all supported networks.</p><p>Historically, the introduction of a trusted stablecoin in a new execution environment has triggered major liquidity events, as seen with Cardano’s iUSD in 2023, often serving as a key pairing asset in automated market makers (AMMs).</p><p>Until recently, regulatorily compliant tokens like RLUSD, which feature Clawback – a mechanism on XRPL that lets issuers retrieve distributed tokens – were not compatible with the network’s automated market maker (AMM) due to the lack of Clawback support. This changed in January when the AMM Clawback amendment was implemented, allowing such tokens to be traded on the AMM.</p><p>The update is expected to boost AMM activity as more compliant assets launch on XRPL. Potential applications include enabling on-chain trading of previously illiquid real-world assets (RWAs), earning yields through AMM participation, and cross-chain price arbitrage.</p><h2>Adoption Curve</h2><p>RLUSD launched publicly on December 17, 2024, on both XRPL and Ethereum. It is fully backed by US dollar deposits, short-term US Treasuries, and other cash equivalents, with monthly attestations provided by third-party firms. In January, Ripple announced the integration of Chainlink Price Feeds on Ethereum to provide RLUSD pricing data.</p><p>In April, RLUSD was added to Ripple’s cross-border payment platform, Ripple Payments, while Kraken launched trading support. Additional Q1 listings came from LMAX Group, Zero Hash, and Bitstamp, joining Uphold, Bitso, MoonPay, Archax, CoinMENA, Independent Reserve, and Bullish.</p><p>Further boosting infrastructure around RLUSD, Korean custody provider BDACS signed a strategic partnership with Ripple in February to offer custody services for XRP, RLUSD, and other digital assets.</p>

Ripple's RLUSD stablecoin reached a market value of 244.20 million USD in the first quarter of 2025, becoming the largest stablecoin on XRPL.