RLUSD Circulating Supply Reaches $2.3828 Billion, Reserve Funds Total $2.5280 Billion
Key Facts
RLUSD’s total circulating supply was about $2.3828 billion, while reserve funds stood at $2.5280 billion on October 22, 2026, according to Ripple’s transparency page. The first figure measures tokens in circulation, not trading volume or transaction value—a material correction to the previous version of the report. Ripple describes the second figure as reserve funds, not pure cash, because its terms allow the reserve to comprise specified asset classes. The level follows supply growth in the third quarter and comes as Arf announced a partnership to use RLUSD to provide liquidity for cross-border payment settlement. Together, the developments combine expanding supply with a stated institutional use for the currency, while reserve arrangements and regulatory listings remain subject to specific terms.
Crystal Intelligence estimated that RLUSD supply increased by $929 million, or 59%, between July 1 and October 1, 2026, reaching $2.5 billion at the end of the measurement period. That puts third-quarter growth in context with the figure Ripple reported three weeks later, with differences in the measurement dates and the entities that published each figure. In an earlier announcement dated June 2, 2026, Ripple said the stablecoin’s market capitalization had reached $1.7 billion since its launch in late 2024. At its global launch in December 2024, the company said RLUSD would be available on the XRP Ledger and Ethereum networks, with global trading to begin the day after the announcement. Ripple also said at the time that its Ripple Payments service had processed $70 billion in payments and covered more than 90 foreign exchange markets, representing more than 90% of the daily foreign exchange market. These figures provide context for the expansion of the currency’s payment uses, without making the service’s business volumes equivalent to the value of RLUSD payments themselves.
Ripple says RLUSD reserves are held in segregated accounts at depository institutions and securities custodians, and are backed by U.S. dollars and cash equivalents. Its customer terms provide for each token to be redeemable for one U.S. dollar from Ripple, subject to applicable terms and restrictions. The company identifies eligible assets including U.S. Treasury bills with no more than three months remaining to maturity, overnight repurchase agreements fully collateralized by Treasury securities, government money market funds and deposit accounts. Total reserve funds therefore are not the same as saying the reserves consist entirely of cash, and redemption terms remain subject to the provisions applicable to customers. Ripple says it publishes monthly reserve reports prepared by an independent third-party accountant to verify the circulating supply and the assets backing it. These reports provide a periodic account of what the company reports about its tokens and reserves, alongside details of the asset classes permitted under its terms.
On the regulatory front, the New York State Department of Financial Services lists RLUSD on its greenlist, with an asterisk beside the name to indicate stablecoins approved for issuance in New York by virtual currency entities. The department says a listed entity must notify it at least ten days before offering the currency in the state. It also says the list is subject to change and use of the currency may be restricted; inclusion therefore does not guarantee its continued availability. In a separate regulatory development, Ripple announced on June 3, 2025, that RLUSD had been recognized as a crypto token by the Dubai Financial Services Authority for use within the Dubai International Financial Centre, allowing licensed firms there to include it in virtual asset services. These announcements specify particular markets and approval frameworks, but do not by themselves establish the currency’s level of adoption or trust.
On October 22, Arf announced a partnership with Ripple to provide RLUSD-denominated settlement liquidity to licensed cross-border payment companies on the XRP Ledger. Arf said the first phase would provide liquidity directly on the network, and that short-term settlement liquidity is typically repaid within one to five days as payments settle. The company said its existing business generates $10 billion in annual global settlement volume and that capital turns over four times a month; these figures relate to Arf’s existing activity and are not a stated value for financing under the new partnership. Jack McDonald, Ripple’s senior vice president of stablecoins, said RLUSD had gained momentum in payments, tokenization and collateral management, describing the currency as a “vital bridge” for these uses. Ripple said in November 2025 that Mastercard, WebBank and Gemini would explore using RLUSD on the XRP Ledger to settle Gemini credit card transactions, when circulating supply had exceeded $1 billion. Arf’s announced next step remains conditional on the XLS-65 and XLS-66 lending amendments being activated on the mainnet; the company said it then plans to move to native on-chain lending infrastructure.