Ripple's RLUSD Overtakes PayPal's PYUSD to Become Seventh-Largest Stablecoin
Ripple’s U.S.-dollar stablecoin, RLUSD, has officially overtaken PayPal’s PYUSD to claim the seventh position among stablecoins by market capitalization. As of November 12, 2026, RLUSD is valued at approximately $2.71 billion, compared to PYUSD's $2.67 billion.
This crossover in rankings is attributed to both stablecoins experiencing contrasting supply trends. While RLUSD maintained or slightly increased its supply, PYUSD saw a decrease of around $99–136 million in a single day. Over the past month, RLUSD added approximately $258 million to its supply, while PYUSD's supply contracted.
Since its global launch on December 17, 2024, RLUSD has nearly doubled its market cap from about $1.34 billion at the start of 2026. This growth has been linked to increased exchange integrations and rising institutional adoption. Currently, about one-third of RLUSD's supply, roughly $874 million, is held on the XRP Ledger, indicating demand beyond Ripple's ecosystem.
As Ripple celebrates this achievement, the future of RLUSD remains under scrutiny. Market observers are keen to see if RLUSD can maintain its lead amid daily supply fluctuations and whether PYUSD's recent contraction is a temporary setback or a longer-term trend. Additionally, the potential for RLUSD to climb further in the rankings is being discussed, with some suggesting it could reach the top three USD-backed stablecoins.
Meanwhile, PYUSD, issued by Paxos on behalf of PayPal, has faced challenges, pulling back from its earlier peaks in 2026. The dynamics of this stablecoin race will be closely watched as market conditions evolve.
FAQ
What is RLUSD and how does it compare to PYUSD?
RLUSD is Ripple's U.S.-dollar stablecoin that has recently overtaken PayPal's PYUSD to become the seventh-largest stablecoin by market capitalization. As of November 12, 2026, RLUSD is valued at approximately $2.71 billion, while PYUSD is valued at $2.67 billion.
What factors contributed to RLUSD's rise in market capitalization?
RLUSD's rise in market capitalization can be attributed to increased exchange integrations, rising institutional adoption, and a stable or slightly increasing supply, contrasting with PYUSD's supply contraction.
When was RLUSD launched and how has its market cap changed since then?
RLUSD was globally launched on December 17, 2024. Since the beginning of 2026, its market cap has nearly doubled from about $1.34 billion to approximately $2.71 billion.
What does the current supply distribution of RLUSD look like?
Currently, about one-third of RLUSD's supply, roughly $874 million, is held on the XRP Ledger, indicating demand for the stablecoin beyond Ripple's ecosystem.
What are the future prospects for RLUSD and PYUSD?
Market observers are closely watching RLUSD to see if it can maintain its lead amid daily supply fluctuations and whether PYUSD's recent contraction is a temporary setback. There is speculation that RLUSD could potentially climb further in the rankings among USD-backed stablecoins.
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