- RLUSD has overtaken PYUSD in stablecoin supply by roughly $40 million.
- RLUSD added $258 million in supply over the past 30 days, while PYUSD contracted.
- About $874 million of RLUSD’s supply is held on the XRP Ledger, as market watchers assess whether the token can reach the top three.
RLUSD Moves Ahead of PayPal’s PYUSD
Ripple’s RLUSD has taken the lead over PayPal’s PYUSD in stablecoin supply, with the difference standing at approximately $40 million. The crossover gives Ripple bragging rights over PayPal, although the ranking remains vulnerable to further changes in daily issuance.
The latest lead is based on a single-day reading. Stablecoin supply can shift sharply from one day to the next, meaning PYUSD could regain its position if PayPal sees a new wave of issuance. The broader 30-day trend, however, tells a similar story: RLUSD added $258 million in supply during that period, while PYUSD’s supply contracted.
How RLUSD Reached Its Current Position
RLUSD launched globally on December 17, 2024. The stablecoin entered 2026 with a market capitalization of roughly $1.34 billion before rising to its current level of approximately $2.71 billion. That expansion has been linked to new exchange integrations and increasing institutional adoption.
Roughly one-third of RLUSD’s supply, equivalent to about $874 million, is held on the XRP Ledger. The remainder is distributed across other networks, indicating that demand for RLUSD extends beyond Ripple’s home ecosystem.
The token’s current seventh-place position may not be viewed as a final destination. XRP Ledger validator ‘Vet’ described RLUSD as among the top five USD-backed stablecoins and on track for the top three. That remains a forecast from a validator on Ripple’s own network rather than a guarantee. Reaching third place would require substantially greater supply growth than the $258 million RLUSD added over the past month.
PYUSD Faces a Supply Contraction
PYUSD is issued by Paxos on behalf of PayPal. Its reserves include dollar deposits, US Treasuries, and cash equivalents.
PYUSD has retreated from the peaks it reached earlier in 2026, and the contraction recorded ahead of the crossover extended that downward trend. Whether the decline is temporary or develops into a sustained reduction will be a central factor in the competition between PYUSD and RLUSD.
What to Watch in the Stablecoin Race
The immediate question is whether RLUSD can retain its lead during the coming weeks of daily supply fluctuations. A second consideration is whether PYUSD’s contraction represents a short-term dip or a longer-lasting trend.
Market observers will also be watching the share of RLUSD held on the XRP Ledger. An increase or decrease in that ratio could indicate whether the token’s growth is being driven primarily by Ripple’s own ecosystem or by broader adoption across other networks.
Why This Matters
The shift highlights how quickly stablecoin rankings can change as issuance, exchange availability, and institutional demand develop. RLUSD’s rise from roughly $1.34 billion at the start of 2026 to approximately $2.71 billion demonstrates its recent expansion, while PYUSD’s supply contraction has weakened its position relative to Ripple’s stablecoin.
The next stage will depend on whether RLUSD can sustain its recent growth and whether PYUSD resumes expansion. For now, the roughly $40 million advantage gives Ripple a narrow lead over PayPal, while the longer-term ranking remains unsettled.
Frequently Asked Questions
How much larger is RLUSD than PYUSD?
RLUSD’s supply is approximately $40 million higher than PYUSD’s based on the latest single-day reading.
How much RLUSD is held on the XRP Ledger?
About $874 million, or roughly one-third of RLUSD’s total supply, is held on the XRP Ledger.
Can RLUSD reach the top three stablecoins?
XRP Ledger validator ‘Vet’ forecast that RLUSD is on track for the top three, but that outcome is not guaranteed. Reaching third place would require significantly more supply growth than the $258 million added during the past 30 days.
