RLUSD Tops PYUSD With $2.71 Billion Market Cap on Nov. 12
Key Facts
RLUSD had a market capitalization of about $2.71 billion on Nov. 12, 2026, ahead of PayPal’s PYUSD at about $2.67 billion, according to CoinGecko data cited by Digital Today. RLUSD thereby became the seventh-largest stablecoin, the report said. The move followed a reading the previous day in which PYUSD had the higher market capitalization. The crossover therefore reflects a ranking at a specific point in time, not confirmed sustained progress over the period. It places the two similarly valued coins in direct competition for stablecoin rankings.
RLUSD’s market capitalization rose by $258.2 million in the 30 days through Nov. 12, according to Digital Today. The increase was greater than the gains recorded by Open Standards, at $165.1 million, and Ethena, at $78.0 million, over the same period. The figures describe market-cap growth, while sources said the increase alone does not establish the extent of the change in circulating supply. This performance provides context for RLUSD’s position ahead of PYUSD in the Nov. 12 snapshot. EL7 coverage on Nov. 4 had noted that RLUSD’s circulating supply exceeded $2.5 billion, a development that preceded the current market ranking.
The stablecoin’s expansion coincided with announced efforts to broaden access. On Oct. 28, Ripple and Coinbase announced that RLUSD would be available through Coinbase Prime, Coinbase Exchange and the Coinbase retail app. The companies also said deposits and withdrawals would be supported through XRP Ledger, Base and Ethereum. Ripple said availability to customers of Coinbase Global Exchange, including its use as collateral, would follow later. These announcements concern platform availability and plans for access; the partnership report does not specify the scale of RLUSD use through these channels.
On institutional custody, BNY announced on Oct. 27 that it was expanding its collaboration with Ripple and would support RLUSD and XRP on the bank’s digital-asset custody platform. Ripple and BNY said they intended to work toward enabling the bank’s clients to issue and redeem RLUSD directly through the bank, subject to approvals. Standard Chartered had announced on Oct. 12 that it was offering institutional custody for RLUSD issued on XRP Ledger. These arrangements provide institutional custody channels for the coin, while the announcements included no figures on assets held in custody or actual use. On Oct. 26, Ripple received final approval from the U.S. Office of the Comptroller of the Currency to establish Ripple National Trust Bank, while the company said RLUSD would continue to be issued through Standard Custody & Trust Company, which is regulated by the New York State Department of Financial Services.
Ripple’s reserve data offer a dated reading that differs from the later CoinGecko snapshot. On Nov. 5, total RLUSD in circulation was $2,632.9 million, while reserve funds amounted to $2,748.0 million, according to the company’s transparency page. Ripple says reserves are held in segregated accounts and that an independent third-party accountant prepares monthly reports to verify the circulating supply and backing assets. In its launch statement, the company said it was targeting uses including cross-border payment settlement, providing liquidity for transfers and treasury management. RLUSD began rolling out on global platforms on Dec. 17, 2024, according to Ripple’s announcement at the time.
PayPal says PYUSD is fully backed by U.S. dollar deposits, U.S. Treasury securities and equivalent cash assets. The company says users can buy one unit and sell it for one dollar through PayPal and Venmo, while Paxos issues the coin on Ethereum, Solana and Arbitrum. In the Nov. 12 session, PayPal shares closed at $58.3, according to available EL7 data. That closing price does not establish a causal relationship between the stock’s movement and the ranking of the two stablecoins. Ripple said RLUSD’s market capitalization reached $2.6 billion on Oct. 28, up more than 88% from the start of the year through that date.