RLUSD (Ripple USD) is a US dollar stablecoin issued by a New York trust company supervised by the NYDFS, backed 1:1 by cash, US Treasuries, and government money market funds, according to Ripple. It does not replace XRP: XRP is a floating-price asset that pays XRP Ledger fees, while RLUSD holds $1.00 and carries the dollar side of a payment.
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As of October 1, 2026, Ripple transparency report listed $2,509.8 million of RLUSD in circulation against $2,633.8 million in reserves. This page covers how RLUSD works, the seven networks it runs on, who holds the reserves, and how it compares with XRP and USDC.
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RLUSD is a fiat-backed stablecoin designed for institutions. A regulated trust issues each token against cash and short-dated government assets, so every RLUSD can be redeemed for one US dollar. The pitch is regulatory standing and payments utility, not retail trading volume, and that framing shapes everything else about the token.
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Ripple says RLUSD holds approval from the New York Department of Financial Services (NYDFS) and the Dubai Financial Services Authority (DFSA). The token is integrated into Ripple Payments in certain jurisdictions and is used for payments, remittances, treasury flows, collateral, and tokenized-asset settlement. Availability depends on jurisdiction.
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No. RLUSD and XRP do different jobs. XRP is the native asset of the XRP Ledger with a market-set price, and it pays transaction fees and account reserves on that ledger. RLUSD is a dollar-pegged token that rides on the ledger. Sending RLUSD on the XRP Ledger still requires a small XRP balance in the wallet.

The real debate behind the "will RLUSD replace XRP" query is demand mix. If institutions settle in a regulated dollar token, fewer flows may need XRP as a bridge currency. That is a question about adoption, not a plan to retire either asset, and both continue to operate side by side on the XRP Ledger.
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RLUSD runs on seven networks: XRP Ledger, Ethereum, Base, Optimism, Ink, Unichain, and the XRPL EVM Sidechain, according to Ripple. Earlier coverage, including a prior version of this page, described the Ethereum layer 2 deployments as tests. Ripple now lists them as supported networks, with availability varying by venue.
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On the XRP Ledger, RLUSD settles in seconds at low cost, which suits cross-border payments. On Ethereum and its layer 2 networks, RLUSD is a standard token contract that plugs into lending markets, exchanges, and collateral systems. A payments firm might pick the XRP Ledger for speed; a trading desk might pick Ethereum for composability.
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Moving RLUSD between networks requires a bridge or a cross-chain route. For background on the options, see our guides to the best stablecoin bridges and stablecoin swap platforms.
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RLUSD is issued through a limited-purpose trust chartered by the New York State Department of Financial Services, according to Ripple. Ripple also cites approval from the Dubai Financial Services Authority. The charter puts a named state regulator, reserve rules, and ongoing supervision behind the token, though it is not a bank deposit or federal insurance.
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In practice the charter requires reserves in segregated, high-quality liquid assets, defined redemption procedures, and regular reporting. It does not make a stablecoin risk-free. What it does is give institutions a supervised counterparty, which is the main reason enterprise buyers shortlist RLUSD over less-regulated dollar tokens.
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RLUSD reserves sit in segregated accounts at depository institutions and securities custodians. In July 2025, Ripple selected BNY as primary custodian of RLUSD reserves, according to Ripple. Reserves consist of cash, US Treasuries, and government money market funds, and an independent accounting firm attests to them monthly.

Reserve composition and totals change every month. The latest Ripple transparency report is the authoritative figure; tracker market caps lag minting and redemption.
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USDC and RLUSD both lead with regulation and fully backed reserves. The gap is scale and reach. USDC supply is roughly thirty times larger, per Circle, and it is issued natively on many more chains, so it has deeper liquidity. RLUSD is concentrated on the XRP Ledger and Ethereum ecosystem, with its edge in Ripple Payments integration.

For a deeper comparison, read our RLUSD vs USDC breakdown.
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Ripple lists exchanges and on-ramps on its availability page, including Binance, Kraken, Gemini, Bybit, Uphold, Bitso, MoonPay, CoinMENA, VALR, and Independent Reserve. Listings differ by country, so confirm support in your jurisdiction before buying. Institutions can mint and redeem directly with the issuer.

RLUSD carries the standard risks of a fiat-backed stablecoin. Holders depend on the issuer managing reserves and processing redemptions. Rules can change by jurisdiction. Liquidity is thinner than USDT or USDC on some venues. Smart contract or network problems on any of the seven chains can disrupt transfers.

Is RLUSD the same as XRP?
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No. XRP is the floating-price native asset of the XRP Ledger. RLUSD is a separate stablecoin pegged to $1.00 and backed by reserves, per Ripple.
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Does RLUSD use XRP?
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RLUSD on the XRP Ledger needs a small XRP balance for fees and the account reserve. RLUSD on Ethereum or a layer 2 pays gas in ETH instead.
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How much RLUSD is in circulation?
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$2,509.8 million as of October 1, 2026, backed by $2,633.8 million in reserves, per the Ripple transparency report.
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Who custodies RLUSD reserves?
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BNY is the primary custodian, selected in July 2025, per Ripple.
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Is RLUSD a good investment?
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RLUSD is built to hold $1.00, not to appreciate, per Ripple. It is a payment and settlement tool, and any return depends on the platform where you hold it.
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