RLUSD Moves Ahead of PYUSD With a $2.702 Billion Market Cap in November 13 Snapshot

Key Facts

Ripple’s RLUSD stablecoin moved ahead of PYUSD by market capitalization, reaching about $2.702 billion compared with $2.628 billion for the latter in a November 13 snapshot, a gap of about $74 million, according to TokenPost. The ranking reflects a dated market snapshot, after PYUSD led in the previous available daily record, dated November 11. CoinGecko data for that day showed PYUSD’s market capitalization at $2,774,773,317, compared with $2,716,360,419 for RLUSD. In separate data dated November 12, Ripple reported RLUSD circulating supply of $2,689.9 million and reserves of $2,826.5 million. This places the comparison between the two tokens in the context of market-cap changes from one reading to another, alongside issuance and reserve data published by the relevant entities.

Short-term movement figures point to differing supply trajectories for the two tokens. RLUSD supply increased by about $70.63 million in the seven days preceding the November 13 report, while PYUSD supply fell by about $99.46 million in the preceding 24 hours, according to TokenPost. The site said RLUSD supply was nearly unchanged over that daily period, despite its weekly increase. RLUSD’s lead in the market-cap snapshot therefore came as its supply rose on a weekly basis, while PYUSD’s supply declined over one day. The comparison remains tied to the specific time periods for each figure: the first token’s weekly increase does not measure the same change as the second token’s daily decline.

The comparison comes as Ripple expands the channels through which the token is available via trading platforms and financial services. On October 28, the company announced that Coinbase retail and institutional customers could trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase retail app, with the option to convert U.S. dollars to RLUSD at a 1:1 ratio. Ripple Senior Vice President Jack McDonald said, "Institutional demand for compliant, high-quality stablecoins is clear," adding that the challenge is making them available across platforms institutions use and trust. Ripple also said availability to Coinbase Global Exchange customers, including its use as collateral, would come later, and that it would provide liquidity on Base to support growth there. These announcements establish expanded availability and partnerships, but do not specify how much those channels added to supply or market capitalization.

Ripple announced on October 27 that RLUSD had become available on Robinhood Chain and through Bitstamp by Robinhood, with availability in the Robinhood app expected later in the same year. The company said Robinhood would use the token on the XRP Ledger for institutional settlements and integrate Ripple Treasury to modernize and automate treasury operations, including cash and liquidity management, cash-flow forecasting, payments, risk management and intercompany settlement. The announced use offers an institutional pathway beyond trading access alone, but remains a description of the partnership plan as announced by Ripple. In its Coinbase announcement, the company said RLUSD’s market capitalization had exceeded $2.4 billion since its launch in December 2024, attributing this to expansion across trading platforms, payments, institutional markets and onchain finance. Ripple also said on October 28 that the token’s market capitalization had reached $2.6 billion, up more than 88% since the start of the year.

Ripple launched the token globally in December 2024, announcing at the time that it would begin making it available on global platforms starting December 17 and commit to publishing monthly reserve reports with third-party attestations. The company identified use cases including cross-border payment settlement and remittances, treasury liquidity, integration with decentralized finance and use as collateral for tokenized assets. It said at the time that Ripple Payments would use RLUSD for business payments in early 2025, noting that the service had processed $70 billion in payment volume. Paxos, for its part, says PYUSD is issued by Paxos Trust Company and is designed for payments, and publishes monthly reserve reports for the digital assets it issues. These stated objectives and institutional use cases outline the scope of work announced by the companies, while market capitalization and supply figures remain separate from the volume of payments executed.