RLUSD (Ripple USD) is a stablecoin launched by the crypto solution infrastructure, Ripple on December 17, 2024 ^[1].

Overview

RLUSD was first introduced in June 2024 ^[2]. In August 2024, RLUSD was announced to be in private beta testing on XRP Ledger and Ethereum mainnet ^[2]. Ripple stated plans to expand RLUSD to additional blockchains and decentralized finance (DeFi) protocols over time ^[2].

RLUSD is valued 1:1 to the US dollar (USD) and is 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents ^[2]. Ripple mints RLUSD under a New York trust-company license and records each token against these reserve assets held in regulated accounts ^[1]. A third-party accounting firm will audit these reserve assets, and Ripple will publish monthly attestations ^[2].

While RLUSD was officially launched on December 17, 2024 ^[1], some users reported being able to add the stablecoin on the self-custodial XRP wallet Xaman on December 4, 2024, by setting up Trustlines ^[2]. Xaman chief operating officer Robert Kiuru noted that Trustlines can be set up for any asset but do not confirm the issuance or availability of the asset itself ^[2].

Supply and Usage Growth

In the week ending June 8, 2025, RLUSD's circulating supply increased by 29%, adding $72.5 million and surpassing the $300 million threshold to close at $320.6 million ^[1]. This marked a sixfold increase in the token's float since its launch on December 17, 2024 ^[1].

The increase in supply coincided with a 38% rise in weekly transfer volume, climbing to $648.1 million from $469.7 million the previous week ^[1]. This volume was close to the peak weekly transfer volume of $741 million registered between April 21 and 27 ^[1]. During this period, Ripple did not burn any tokens, indicating the increase was due to net new creation rather than re-issuance ^[1].

Despite this growth, RLUSD accounts for approximately 0.1% of the total stablecoin market, which stands at around $236 billion ^[1].

Regulatory Approvals and Partnerships

In December 2024, Ripple Labs’ RLUSD stablecoin received approval from the New York Department of Financial Services (NYDFS) ^[2].

Days before the supply surpassed $300 million in June 2025, the Dubai Financial Services Authority (DFSA) approved RLUSD for use within the Dubai International Financial Centre (DIFC) ^[1]. Ripple intends to integrate RLUSD with its DFSA-licensed payments platform, allowing up to 7,000 locally regulated firms to settle transactions using the token ^[1]. Ripple’s managing director for the Middle East and Africa, Reece Merrick, highlighted the growing demand for digital-asset settlement and custody in the region and the UAE's dynamic digital economy ^[1]. The DFSA approval provides RLUSD with both US and international regulatory recognition ^[1].

In October 2024, Ripple partnered with several exchanges, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the token's launch ^[2]. Liquidity support is expected from market makers such as B2C2 and Keyrock ^[2].

RLUSD is also part of Ripple's strategy following the acquisition of the prime brokerage platform Hidden Road. Ripple plans to integrate RLUSD into Hidden Road’s services as part of the $1.25 billion deal ^[1].

Relationship with XRP

Ripple plans to use both RLUSD and XRP in its cross-border payments solution to serve its global customers ^[2]. Ripple president Monica Long stated that RLUSD was built to be complementary and additive to XRP ^[2].

Some sources suggest that RLUSD is seen as beneficial for XRP because the two assets will be paired with each other ^[2]. XRP is expected to help add liquidity to RLUSD due to its significant availability on exchanges, while the pairing is intended to help stabilize RLUSD's price and prevent depegging ^[2].

Target Audience and Strategy

According to Ripple Labs CEO Brad Garlinghouse, RLUSD will primarily focus on large institutional players ^[2]. Garlinghouse stated that there is an opportunity for a new player in the stablecoin market that emphasizes institutions and compliance ^[2].

He also mentioned that Ripple had previously used other stablecoins, such as Circle’s USDC, in its payment flows ^[2]. Garlinghouse cited the USDC depegging event in the spring of 2023 as highlighting an opportunity for a credible player already working with financial institutions to enter the market ^[2].