Ripple’s RLUSD stablecoin is nearing a market capitalization of $900 million, according to the company’s latest October independent attestation report. The figure has more than doubled in just three months, climbing from $400 million in August.

Launched less than a year ago, RLUSD is pegged 1:1 to the US dollar and backed by deposits, short-term US Treasuries, and other cash equivalents, offering stability and security to users.

Ripple’s RLUSD Growth

Over $1.5 million in renewed University Blockchain Research Initiative (UBRI) grants have already been funded entirely in RLUSD. Just last week, Brale, a platform that allows businesses to issue USD-backed stablecoins, integrated with the XRP Ledger (XRPL) to enable settlement in RLUSD.

Shortly thereafter, Ripple also completed the acquisition of prime brokerage firm Hidden Road in a $1.25 billion deal, which will now operate as Ripple Prime. The firm’s clients are reportedly using RLUSD as collateral or holding their balances in the stablecoin. The updates were shared by Jack McDonald, Senior Vice President of Stablecoins at Ripple.

As reported by CryptoPotato, VivoPower International PLC’s electric vehicle subsidiary, Tembo e-LV, began accepting payments in RLUSD in September. The main objective behind the move is to streamline international payments by addressing long settlement times and high costs often associated with traditional wire transfers.

According to Tembo, transactions made with the stablecoin can be completed almost instantly and at a fraction of the cost of conventional methods. The company expects the shift to RLUSD to improve operational efficiency, reduce transaction costs, and expand its treasury options within the decentralized finance (DeFi) ecosystem.

The decision to use RLUSD instead of Ripple’s more established cryptocurrency, XRP, has prompted curiosity among observers. While the company did not clarify its reasoning, the choice likely stems from RLUSD’s price stability, which makes it more suitable for payment and settlement use cases compared to XRP’s volatility.

RLUSD and XRP Can Coexist

Alexis Sirkia, Captain of the Yellow Network, recently said that he views Ripple’s RLUSD as a complement, and not a rival, to XRP. According to him, the stablecoin acts as a “liquidity amplifier,” which could support XRP’s role rather than competing with it.

Sirkia explained that RLUSD’s integration within the US banking system gives it the compliance and infrastructure needed to function as a reliable settlement layer for institutions. As RLUSD activity grows, so does the demand for XRP as a bridge asset within the XRP Ledger (XRPL) ecosystem.

He noted that the stablecoin is already being used in African markets through payment platforms like Chipper Cash and Yellow Card and is facilitating real-time swaps with tokenized money market funds. With expanding institutional engagement, including ETFs, and RLUSD’s broader integration, Sirkia expects transaction volumes across the network to accelerate and thereby strengthen the link between traditional financial systems and decentralized finance.

The post Ripple’s Stablecoin RLUSD Nears $900M Market Cap in Under a Year appeared first on CryptoPotato.