Ripple’s stablecoin RLUSD grew 32.3% in supply between June and July, surpassing $600 million.
This was the second most significant growth in supply among stablecoins with over $500 million in supply growth, lagging only Ethena Labs’ USDe, which grew 63.4% in the same period.
RLUSD has been in a strong growth trend since May, nearly doubling its supply as of July 31. The stablecoin’s market cap jumped from $309 million to $455.3 million between May and June, an over 47% increase. In August alone, it had already grown 3%.
Furthermore, RLUSD surpassed $11 billion in cumulative transfer volume in 2025. The stablecoin registered a new monthly all-time high in July, with $3.3 billion in volume across different venues, an amount 27% larger than June.
Notably, RLUSD has never dipped below $1 billion in monthly trading volume since April, when it crossed this threshold for the first time by registering $1.8 billion in volume.
The growth occurred in the same month that Ripple made efforts to increase RLUSD’s market share.
First, Ripple CEO Brad Garlinghouse announced the company was seeking a national banking charter for RLUSD. In addition to the stablecoin’s registry with the New York Department of Financial Services, this would make RLUSD the first stablecoin under state and federal oversight in the US.
On July 9, Ripple announced BNY Mellon as its custodian partner.
The company then moved to a multi-pronged global strategy to expand RLUSD’s market share. In the United States, the Federal Reserve’s formal adoption of the ISO 20022 messaging standard rewarded Ripple’s positioning as the first blockchain-focused company to join the ISO 20022 Standards Body in 2020.
At the same time, Ripple is reportedly advancing a significant entry into the European market by making RLUSD MiCA-compliant, anchoring the effort with a strategic base in Luxembourg.
However, not everyone is convinced that RLUSD’s growth is organic. Blockchain investigator ZachXBT questioned if Ripple’s stablecoin user base was authentic, before deleting its social media post.
Voicing his concerns differently, the investigator said he trusts other stablecoin issuers “infinitely more than Ripple,” such as Circle, Paxos, and Tether.
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