Ripple’s RLUSD stablecoin reached a record circulating supply of about $2.491 billion in late September 2026, narrowing the gap with PayPal’s PYUSD to roughly $248 million, according to DefiLlama data cited by Bitcoin.com News and PANews. PYUSD stood at about $2.739 billion over the same period.
Background: what RLUSD is and where it came from
RLUSD is Ripple’s dollar-pegged stablecoin, which launched on December 17, 2024 after receiving approval from the New York Department of Financial Services, according to Ledger Insights. Ripple issues the token under a New York limited-purpose trust company charter and has said it is backed by U.S. dollar deposits, short-term U.S. government bonds and cash equivalents. The token is issued natively on both the XRP Ledger and Ethereum. Its climb through 2026 — up more than 86% from about $1.336 billion at the start of the year to the record near $2.491 billion on September 26, according to DefiLlama data cited by Bitcoin.com News — has steadily closed the distance to PayPal’s larger PYUSD, which launched in 2023. As throughout this article, supply figures measure tokens outstanding, not trading volume or adoption.
How big is RLUSD now?
Bitcoin.com News, citing DefiLlama, reported that RLUSD’s supply hit a record near $2.491 billion, with the milestone set on September 26, 2026. The outlet said RLUSD is up more than 86% from about $1.336 billion at the start of 2026, making it one of the faster-growing dollar stablecoins this year. PANews reported the same figures, putting RLUSD at about $2.491 billion against PYUSD’s roughly $2.739 billion and describing the gap as about $248 million.
RLUSD is Ripple’s dollar-pegged stablecoin, and its climb through 2026 has steadily closed the distance to PayPal’s larger token. The record supply figure reflects the amount of RLUSD in circulation across the networks it is issued on, as measured on-chain. For context on the pace of that growth, the token has added more than a billion dollars of supply since the start of the year, according to the figures Bitcoin.com News cited.
How does that compare with PYUSD?
According to Bitcoin.com News, PayPal’s PYUSD has moved in the opposite direction, falling from a March 5 peak of about $4.214 billion and sitting down roughly 35% from that high. The report said that over the week ending September 28, RLUSD’s supply grew by about $112 million while PYUSD’s contracted by roughly $61 million, leaving the gap between the two at about $248 million. The two tokens have effectively been converging as one expands and the other shrinks. Because RLUSD gained roughly as much supply over the period as PYUSD lost, the gap narrowed on both sides of the comparison rather than through RLUSD’s growth alone.
Where is RLUSD issued?
Bitcoin.com News reported that, as of September 28, RLUSD’s supply was split across two networks: about $1.099 billion on the XRP Ledger, roughly 44% of the total, and about $1.392 billion on Ethereum, roughly 56%. Between September 21 and 28, the XRP Ledger added about $63 million in new RLUSD while Ethereum added about $49 million, according to the report, indicating growth on both chains over the week.
Why does the gap matter?
The figures illustrate shifting momentum among mid-sized dollar stablecoins, though both tokens remain small relative to market leaders. Bitcoin.com News noted that RLUSD and PYUSD are modest players in a total stablecoin market it put at about $306 billion, a market dominated by Tether’s USDT and Circle’s USDC. The reporting describes RLUSD narrowing the gap rather than overtaking PYUSD, and the relative positions could change as supply fluctuates. Nothing in the reporting constitutes a projection that RLUSD will pass PYUSD.
What is the data based on?
Both Bitcoin.com News and PANews attribute the supply figures to DefiLlama, which tracks on-chain circulating supply. Because stablecoin supply can expand or contract as tokens are minted and redeemed, the snapshot reflects conditions in late September 2026 and is not a forecast of future supply. On-chain supply is a widely used metric for sizing stablecoins because the tokens are issued and redeemed transparently on public networks.
What should readers keep in mind?
Supply figures measure how many tokens are outstanding, not trading volume, adoption or usage, and they can shift quickly. The data cited here is a point-in-time reading from late September 2026, and this article reports it as such rather than offering any view on the tokens’ future size or performance. Readers weighing any stablecoin should look to each issuer’s own reserve disclosures and attestations alongside on-chain supply data, since circulating supply alone does not speak to the quality or composition of the assets backing a token.
Why it matters
The figures illustrate shifting momentum among mid-sized dollar stablecoins, even though both tokens remain small relative to the market leaders. Bitcoin.com News put the total stablecoin market at about $306 billion, dominated by Tether’s USDT and Circle’s USDC, which leaves RLUSD and PYUSD as modest players competing for the next tier. What makes the current snapshot notable is the direction of travel: RLUSD has been expanding while PYUSD has contracted from its March 5 peak of about $4.214 billion, down roughly 35%. Because RLUSD gained about $112 million over the week ending September 28 while PYUSD lost roughly $61 million, the gap narrowed from both sides at once rather than through RLUSD’s growth alone. The reporting describes convergence, not an overtaking, and nothing here forecasts that RLUSD will pass PYUSD.
What to watch next
Because the comparison hinges on supply that can be minted and redeemed quickly, the figure to watch is the gap between the two tokens — about $248 million in late September 2026 — and whether RLUSD’s weekly additions continue to outpace changes in PYUSD. Bitcoin.com News reported RLUSD growing on both of its networks over the September 21–28 window, with the XRP Ledger adding about $63 million and Ethereum about $49 million, so the chain-by-chain split (roughly 44% on the XRP Ledger and 56% on Ethereum) is another data point that may shift. All of these are point-in-time, on-chain readings rather than projections. Readers weighing any stablecoin should also look to each issuer’s own reserve disclosures and attestations, since circulating supply says nothing about the quality of the assets backing a token.
Sources
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Elena Petrova is STnews's Regulation Correspondent, reporting on MiCA, SEC and CFTC actions, the FATF travel rule and AML/KYC developments across digital-asset markets. Her coverage adheres to STnews's editorial standards — primary-sourced, cited, and non-advisory.
Conflicts of interest
I have no current legal practice or retainer relationships with any cryptocurrency company. Past employment relationships are listed publicly.
