Ripple’s dollar-pegged stablecoin RLUSD has moved ahead of PayPal’s PYUSD by market capitalisation, increasing its presence in the global stablecoin market. Ripple has recorded the largest increase in stablecoin market value over the past 30 days, standing out for growth among major issuers.

As of Nov. 12, data from cryptocurrency platform CoinGecko showed RLUSD had a market capitalisation of about $2.71 billion. At the same time, PayPal’s PYUSD stood at about $2.67 billion, leaving RLUSD ahead. A tally based on the previous day had PYUSD at a higher market value than RLUSD, meaning the overtake reflects a comparison at a specific point in time.

Ripple’s growth in the stablecoin market has also been notable. Over the past 30 days, Ripple’s stablecoin market capitalisation rose by $258.2 million. Over the same period, Open Standards increased by $165.1 million and Ethena gained $78.0 million, ranking second and third, respectively. Ethena had previously moved ahead of Ripple in a 24-hour growth ranking, but Ripple stayed in the lead on a 30-day cumulative basis.

The expansion of exchange distribution and stronger cooperation with financial institutions are cited as factors behind RLUSD’s growth. On Oct. 28, Ripple partnered with Coinbase to enable trading of RLUSD on the Coinbase exchange, the institutional platform Coinbase Prime and the retail trading app. Coinbase decided to support RLUSD across multiple blockchain networks including the XRP Ledger, Ethereum and Base.

Cooperation is also expanding in the institutional custody segment. BNY, a key custodian for RLUSD reserve assets, said on Oct. 27 it had expanded cooperation with Ripple and would support RLUSD and XRP on its own digital-asset custody platform. Standard Chartered has also provided institutional custody services for XRP Ledger-based RLUSD since Oct. 12.

XRP Ledger validator Vet assessed that RLUSD has entered the top five dollar-based stablecoins and could challenge for a top-three position. Vet said broader adoption of RLUSD could lead traditional financial institutions to adopt the XRP Ledger. As links between banks and exchanges increase, financial institutions may build operating infrastructure for the XRP Ledger and potentially use other tokenised assets, Vet added.

The expansion in RLUSD’s market capitalisation and the growing links with institutions and exchanges show Ripple is broadening the base of its stablecoin business. Still, it is difficult to conclude that its market position has become firmly established based only on a change in market-cap rankings at a specific point in time. The scale of future institutional adoption and actual use in payments and transactions is expected to be a gauge of the growth trend.