[Digital Today reporter Jinju Hong] Ripple's stablecoin RLUSD has surpassed $2.5 billion in market capitalisation.

On Sept. 30, blockchain media outlet Decrypt reported that Ripple issued $790 million worth of RLUSD over the past 30 days on Ethereum and the XRP Ledger.

RLUSD's market capitalisation is estimated at $2.521 billion. That is up from $2.369 billion a month earlier. It ranks eighth in the market. RLUSD topped $2.0 billion on Aug. 26 and crossed the $2.5 billion mark again about a month later. Its market value has risen by more than $500 million over the past five weeks.

The supply expansion picked up further after mid-September. RLUSD supply tracking data show that since Sept. 17 Ripple has released an additional $419 million on Ethereum and the XRP Ledger. That is more than 53 percent of total issuance over the past 30 days.

Daily issuance was generally below $50 million. Issuance jumped on some days. It reached $76.3 million on Sept. 21 and $130.3 million on Sept. 25. Before the latest daily surge, the previous high was $153.2 million on Sept. 1.

Supply rose, but burning also took place at the same time. Ripple burned $638 million worth of RLUSD over the past 30 days. Net supply growth was estimated at $152 million. Issuance appeared to rise aggressively, but the actual increase in circulating volume was more limited.

By network, Ethereum still maintains the larger supply. Ethereum-based RLUSD supply stands at $1.396 billion, $272 million more than the XRP Ledger's $1.124 billion. Looking only at issuance over the past 30 days, the XRP Ledger share was larger. About $470 million was allocated to the XRP Ledger over that period, compared with about $315 million on Ethereum.

But the amount burned was also larger on the XRP Ledger. Over the past 30 days, $395.7 million was burned on the XRP Ledger and $242.3 million on Ethereum. As a result, net supply growth over the past 30 days was adjusted to a similar level of about $72 million on both networks.

This trend aligns with RLUSD expanding its supply base as it aims to enter the top five stablecoins. As of now, RLUSD has reached the $2.5 billion level 21 months after its launch in December 2024. Even as XRP and the broader crypto market have shown weakness this year, RLUSD is growing on increased issuance and rising demand. Key points to watch are whether issuance continues at the recent pace and whether the supply split between Ethereum and the XRP Ledger changes again.