RLUSD

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RLUSD

RLUSD (Ripple USD) is a launched by the solution infrastructure, on December 17, 2024 [1].

Overview

was first introduced in June 2024 [2]. In August 2024, was announced to be in private beta testing on Ledger and [2]. stated plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time [2].

is valued 1:1 to the US dollar (USD) and is 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents [2]. mints under a New York trust-company license and records each token against these assets held in regulated accounts [1]. A third-party accounting firm will audit these assets, and will publish monthly attestations [2].

While was officially launched on December 17, 2024 [1], some users reported being able to add the on the self-custodial wallet Xaman on December 4, 2024, by setting up Trustlines [2]. Xaman chief operating officer Robert Kiuru noted that Trustlines can be set up for any asset but do not confirm the issuance or availability of the asset itself [2].

Supply and Usage Growth

In the week ending June 8, 2025, RLUSD's circulating supply increased by 29%, adding $72.5 million and surpassing the $300 million threshold to close at $320.6 million [1]. This marked a sixfold increase in the token's float since its launch on December 17, 2024 [1].

The increase in supply coincided with a 38% rise in weekly transfer volume, climbing to $648.1 million from $469.7 million the previous week [1]. This volume was close to the peak weekly transfer volume of $741 million registered between April 21 and 27 [1]. During this period, did not burn any tokens, indicating the increase was due to net new creation rather than re-issuance [1].

Despite this growth, accounts for approximately 0.1% of the total market, which stands at around $236 billion [1].

Regulatory Approvals and Partnerships

In December 2024, Labs’ received approval from the New York Department of Financial Services (NYDFS) [2].

Days before the supply surpassed $300 million in June 2025, the Dubai Financial Services Authority (DFSA) approved for use within the Dubai International Financial Centre (DIFC) [1]. intends to integrate with its DFSA-licensed payments platform, allowing up to 7,000 locally regulated firms to settle transactions using the token [1]. Ripple’s managing director for the Middle East and Africa, Reece Merrick, highlighted the growing demand for digital-asset settlement and custody in the region and the UAE's dynamic digital economy [1]. The DFSA approval provides with both US and international regulatory recognition [1].

In October 2024, partnered with several exchanges, including Uphold, , Bitso, , Independent , CoinMENA, and , to facilitate the token's launch [2]. Liquidity support is expected from market makers such as B2C2 and Keyrock [2].

is also part of 's strategy following the acquisition of the prime brokerage platform Hidden Road. plans to integrate into Hidden Road’s services as part of the $1.25 billion deal [1].

Relationship with XRP

plans to use both and in its cross-border payments solution to serve its global customers [2]. president Monica Long stated that was built to be complementary and additive to [2].

Some sources suggest that is seen as beneficial for because the two assets will be paired with each other [2]. is expected to help add liquidity to due to its significant availability on exchanges, while the pairing is intended to help 's price and prevent depegging [2].

Target Audience and Strategy

According to Labs CEO , will primarily focus on large institutional players [2]. Garlinghouse stated that there is an opportunity for a new player in the market that emphasizes institutions and compliance [2].

He also mentioned that had previously used other stablecoins, such as , in its payment flows [2]. Garlinghouse cited the depegging event in the spring of 2023 as highlighting an opportunity for a credible player already working with financial institutions to enter the market [2].

REFERENCES

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