Key Highlights
- Ripple USD ($RLUSD) surpassed PayPal USD ($PYUSD) in market capitalization after its supply rose above $2.71 billion.
- $RLUSD supply increased more than 86% from $1.336 billion at the start of 2026 to about $2.49 billion in late September.
- Coinbase now supports $RLUSD trading and management across Coinbase Prime, Coinbase Exchange and the Coinbase Retail app.
Ripple USD Overtakes PayPal USD in Stablecoin Rankings
Ripple USD ($RLUSD) has overtaken PayPal USD ($PYUSD) as its market capitalization climbed above $2.71 billion, marking a major shift among dollar-pegged stablecoins. The change follows a steady narrowing of the gap between the two assets as $RLUSD supply expanded and $PYUSD declined from its earlier peak.
Data from Lookonchain showed $RLUSD supply at about $2.49 billion in late September, up more than 86% from $1.336 billion at the start of 2026. At that time, $RLUSD remained approximately $248 million behind $PYUSD, whose supply stood at about $2.739 billion. However, $PYUSD had fallen roughly 35% from its March 5 peak of $4.214 billion.
Ripple launched $RLUSD in December 2024, meaning the stablecoin reached the milestone less than two years after its debut. Stablecoin market-cap rankings can change rapidly as tokens are issued and redeemed, so the relative positions of $RLUSD and $PYUSD may continue to shift in the coming days.
Coinbase Integration Expands RLUSD Access
The growth of Ripple USD has coincided with a series of institutional partnerships and exchange integrations. The latest development came from Coinbase, where Ripple said in an October 28 press release that retail and institutional clients can trade and manage $RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app.
The integration includes 1:1 conversion between $RLUSD and U.S. dollars. The Block reported that deposits and withdrawals are supported on the XRP Ledger, Ethereum and Coinbase’s Base network, extending the stablecoin’s availability across several major blockchain environments.
Support for Coinbase Global Exchange customers is expected to follow, including the potential use of $RLUSD as collateral. Ripple has also said it will provide liquidity for $RLUSD on Base, which could support activity on Coinbase’s network.
Brett Tejpaul, Co-CEO of Coinbase Institutional, described the addition as “another step toward the everything exchange,” according to Ripple’s release. The partnership gives $RLUSD broader access among both retail and institutional users while adding Coinbase infrastructure to Ripple’s expanding distribution network.
Why This Matters
The shift highlights how quickly stablecoin rankings can change as issuers expand distribution, add exchange support and respond to demand for digital dollar assets. For Ripple, $RLUSD’s rise above $PYUSD places the stablecoin in a more prominent position less than two years after launch. Coinbase’s support also increases the number of channels through which customers can access, trade and manage $RLUSD.
The ranking is not necessarily permanent because stablecoin market capitalization depends on ongoing issuance and redemption activity. The next significant developments include the expected expansion to Coinbase Global Exchange customers and the continued rollout of $RLUSD liquidity on Base.
Frequently Asked Questions
What is $RLUSD?
$RLUSD is Ripple’s U.S. dollar-pegged stablecoin, launched in December 2024. Its value is designed to maintain a 1:1 relationship with the U.S. dollar.
What happened between $RLUSD and $PYUSD?
$RLUSD overtook PayPal USD ($PYUSD) after its market capitalization rose above $2.71 billion. The change was driven by rapid growth in $RLUSD supply and a decline in $PYUSD from its March 5 peak.
Where can users access $RLUSD through Coinbase?
Retail and institutional clients can trade and manage $RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. Deposits and withdrawals are supported on the XRP Ledger, Ethereum and Base.
