- Ripple’s RLUSD stablecoin has surpassed PayPal’s PYUSD to become the seventh-largest stablecoin by market capitalization.
- RLUSD reached approximately $2.71 billion on Nov. 12, compared with PYUSD’s $2.67 billion, giving Ripple a lead of roughly $40 million.
- RLUSD added approximately $258 million in supply over the past 30 days, while PYUSD experienced a decline in circulating supply.
Ripple’s RLUSD stablecoin has overtaken PayPal’s PYUSD in market capitalization, securing seventh place among the world’s largest stablecoins.
As of Nov. 12, 2026, RLUSD had a market capitalization of approximately $2.71 billion, narrowly exceeding PYUSD’s $2.67 billion.
The development marks another milestone for Ripple’s dollar-backed stablecoin, which has experienced significant growth since launching in December 2024.
However, the difference between the two stablecoins remains relatively small, meaning their rankings could change as supply and demand fluctuate.
The latest shift also highlights increasing competition among stablecoin issuers as financial institutions and cryptocurrency companies expand their digital payment services.
Ripple RLUSD Market Cap Reaches $2.71 Billion
RLUSD’s rise to seventh place was driven by continued supply growth alongside a contraction in PayPal’s PYUSD circulation.
Over the past 30 days, RLUSD added approximately $258 million in supply.
Meanwhile, PYUSD experienced declining circulation, including a reported single-day reduction of approximately $99 million to $136 million.
These changes allowed RLUSD to move ahead despite the relatively narrow difference in their market capitalizations.
Ripple launched RLUSD globally on Dec. 17, 2024, positioning the stablecoin for cryptocurrency trading, payments and institutional financial applications.
At the beginning of 2026, RLUSD had a market capitalization of approximately $1.34 billion.
Its growth to $2.71 billion represents an increase of more than 100% since the start of the year.
The expansion has been supported by additional exchange integrations and growing interest in stablecoin infrastructure among institutional market participants.
However, maintaining its position will depend on continued demand and whether new RLUSD issuance outpaces potential redemptions.
RLUSD Adoption Expands Beyond XRP Ledger
Although RLUSD is closely associated with Ripple and the XRP Ledger, a substantial portion of its circulating supply exists outside the network.
Approximately $874 million worth of RLUSD is currently held on the XRP Ledger, representing roughly one-third of its total market capitalization.
The remaining supply circulates across other supported blockchain infrastructure.
This distribution suggests that demand for RLUSD extends beyond Ripple’s native blockchain ecosystem.
Expanding availability across different networks could help the stablecoin reach additional cryptocurrency exchanges, financial institutions and payment platforms.
Meanwhile, XRP Ledger validator Vet has suggested that RLUSD could eventually become one of the three largest USD-backed stablecoins.
The validator described RLUSD as already ranking among the five largest dollar-backed stablecoins, a narrower category than the overall stablecoin rankings.
However, reaching the top three would require substantially greater growth, and the prediction remains speculative.
PayPal PYUSD Faces Declining Stablecoin Supply
PayPal’s PYUSD has experienced a reduction in circulating supply after reaching higher levels earlier in 2026.
The stablecoin is issued by Paxos on behalf of PayPal and is backed by reserves that include U.S. dollar deposits, short-term U.S. Treasuries and cash equivalents.
Despite its recent contraction, PYUSD remains a significant participant in the stablecoin market.
The decline in supply does not necessarily indicate a permanent loss of demand, as stablecoin circulation can change rapidly through issuance and redemptions.
For Ripple, the immediate challenge is maintaining RLUSD’s position above PYUSD while continuing to attract new users.
Investors and industry participants will also be watching whether RLUSD’s growth increasingly comes from the XRP Ledger or from adoption across other blockchain networks.
The competition reflects a broader shift in digital finance as traditional payment companies and cryptocurrency firms compete to provide dollar-backed assets for trading, settlement and payments.
For now, Ripple holds seventh place with a lead of approximately $40 million, although future changes in stablecoin supply could quickly reverse the ranking.
