XRP: Ripple’s RLUSD Stablecoin Surpasses $600M in July

XRP’s ecosystem continues growing with remarkable momentum, as Ripple’s RLUSD stablecoin recently achieved a major benchmark by reaching a circulating supply of over $600 million in July 2025. This significant development underscores Ripple’s expanding influence in the stablecoin market.

RLUSD’s supply jumped by 32.3% from June to July, placing it as the second-fastest growing stablecoin among those with more than $500 million in supply expansion. The only stablecoin to outperform it was Ethena Labs’ USDe, which saw a 63.4% increase in the same period.

This marked the continuation of a bullish trend for RLUSD, which has demonstrated consistent growth since May. At the end of June, the stablecoin’s market capitalization surged from $309 million to $455.3 million—representing a 47% spike. As of early August, RLUSD continued its upward trajectory with another 3% supply growth.

In addition to supply milestones, RLUSD’s transaction volumes are also setting records. For 2025, the stablecoin surpassed $11 billion in total transfer volume. July alone registered a new monthly high of $3.3 billion in volume, a 27% increase over June’s figures. Impressively, RLUSD hasn’t fallen below $1 billion in monthly trading volume since April 2025, when it initially crossed the milestone with $1.8 billion.

This acceleration came in tandem with Ripple’s broader strategy to solidify RLUSD as a reliable financial instrument globally. Brad Garlinghouse, Ripple’s CEO, recently revealed the company is seeking a national banking charter. This move, aside from RLUSD’s current registration with the New York Department of Financial Services, would help make RLUSD the first stablecoin operating under both state and federal oversight in the U.S. Learn more via Ripple’s pursuit of a national bank charter.

As part of its trust-enhancing initiatives, Ripple appointed BNY Mellon as its custodian partner on July 9. This collaboration lends further credibility to the RLUSD reserve framework amid increasing scrutiny in the stablecoin space.

Ripple is also executing a comprehensive global strategy to elevate RLUSD’s adoption. Domestically in the U.S., the Federal Reserve’s implementation of the ISO 20022 messaging format aligns with Ripple’s unique position as the first blockchain company to join the ISO 20022 Standards Body in 2020—giving RLUSD a compliance-ready edge.

Parallel to its domestic initiatives, Ripple is expanding strategically into Europe. Efforts include ensuring RLUSD meets the Markets in Crypto-Assets (MiCA) regulatory standards, positioning Luxembourg as its key operational base within the EU. This move sets the foundation for regulatory-compliant expansion into one of the world’s biggest financial regions. More about Ripple’s strategic push is available here.

Yet, despite the bullish outlook, some concerns have been raised about the legitimacy of RLUSD’s growth. Prominent blockchain analyst ZachXBT drew attention to what he perceived as questionable user adoption activity. Although he later deleted the post, his critique spotlighted potential transparency issues. In his updated commentary on social platform X, ZachXBT stated a preference for stablecoins like those from Circle, Paxos, and Tether, which he indicated had higher trust levels.

Regardless of the skepticism, Ripple’s commitment to transparency and compliance continues to resonate with institutions and crypto stakeholders alike. By pairing strong regulatory engagement with strategic partnerships and rising transaction volumes, RLUSD is carving a solid niche within the stablecoin landscape.

Related: XRP Price: $12M Max Pain for Bears

As XRP and the Ripple network further integrate RLUSD into their platforms, the stablecoin may serve as a cornerstone for cross-border payments, financial settlements, and digital commerce in the future.