Ripple’s RLUSD Tops $2.5 Billion as USDT Supply Falls

Ripple’s RLUSD stablecoin has surpassed $2.5 billion in circulating supply after adding about $972 million over 90 days, according to Bitcoin.com News. The report described the increase as the largest supply gain among major dollar-pegged tokens during a period when USDT and USDC contracted.

The expansion puts RLUSD’s recent trajectory in contrast with that of its larger competitors. Bitcoin.com News reported that Tether’s USDT lost about $5 billion in supply over the same period, while also noting a decline in USDC without providing a corresponding amount in the supplied excerpt.

RLUSD is a dollar-pegged stablecoin issued by Ripple, designed to track the value of the U.S. currency rather than fluctuate like an unpegged crypto asset. For such tokens, circulating supply is a different measure from price performance: an increase describes a larger quantity of tokens outstanding, not appreciation in each token’s intended dollar value.

The reported figures therefore point to an expansion in RLUSD’s footprint, rather than a price rally. They offer a snapshot of how the supply of competing dollar tokens changed over one quarter, but do not by themselves explain the transactions, customers or business relationships behind those changes.

That distinction matters when comparing RLUSD’s gain with USDT’s decline. Opposite movements in their supplies do not establish that holders transferred money directly from one token to the other, and the supplied report excerpt does not identify a flow of funds linking the two developments.

Nor does the largest absolute supply gain necessarily establish leadership by every measure of growth or adoption. Comparisons can differ depending on whether they examine dollars added, percentage growth, transaction activity or total outstanding supply; the available excerpt does not provide a full comparison table or define which tokens were included among the major stablecoins.

The increase nevertheless gives Ripple a larger outstanding stablecoin supply to build on. Whether that expansion reflects sustained use cannot be determined from supply alone: assessing it would require additional information about activity, how long balances are held and the purposes for which the tokens are being used, none of which appears in the supplied material.

The next question is whether RLUSD can maintain that expansion beyond the reported 90-day window while its rivals’ supplies continue to adjust. Bitcoin.com News’s figures establish a recent divergence, but the excerpt provides neither a forecast nor enough detail to determine whether the pattern represents a lasting shift in the stablecoin market.