[Digital Today reporter Jae-won Choi (최재원)] Ripple’s dollar-pegged stablecoin RLUSD has increased its market capitalisation by more than $1 billion this year, making it the third-fastest growing stablecoin this year.

On Sept. 14 (local time), The Crypto Basic reported, citing RWA.xyz data, that RLUSD’s market-cap increase this year was $1,070,909,067. Only Tether’s USDT and Anchorage’s corporate stablecoin USDGO posted larger increases. USDT rose by about $6.7 billion and USDGO by $1.4 billion. Sky Protocol’s USDS followed RLUSD, rising by $1.063 billion.

RLUSD continued its growth after its market cap topped $2 billion last month. The latest DefiLlama tally put it at about $2.423 billion.

By chain, Ethereum and the XRP Ledger split RLUSD supply. Based on the latest DefiLlama data, about $1.37 billion is circulating on Ethereum and about $1.053 billion on the XRP Ledger. Over the past month, the growth rate was 58 percent for Ethereum and about 24 percent for the XRP Ledger, with faster growth on Ethereum.

Supply has not always risen in the short term. Over the past 7 days, $98.2 million was burned and $73.9 million was newly issued, reducing net supply by $24.3 million.

Competitors larger in absolute size than RLUSD still exist. Ethena’s USDe stood at about $4.6 billion and PayPal’s PYUSD at $2.77 billion, both ahead of RLUSD. Still, RLUSD has expanded by more than $1 billion this year, rapidly strengthening its presence in competition among large stablecoins.