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Woofun AI reports that Ripple's corporate stablecoin RLUSD is nearing the $2 billion market capitalization threshold, intensifying competition with PayPal USD (PYUSD) as it expands its footprint in institutional finance.
The surge in valuation follows a $40 million issuance on Ethereum during the final week of February, bringing the circulating supply to 1.55 billion tokens. This volume keeps the asset within $500 million of its targeted supply forecast for the current cycle, while daily trading volume consistently exceeded $43 million, peaking above $100 million during high-activity periods without deviating from its one-dollar peg.
Structurally, this supply expansion mirrors Ripple's deepening integration with traditional banking infrastructure. In February, Deutsche Bank adopted Ripple's solutions for institutional cross-border settlements, while Société Générale extended support for its MiCA-regulated euro stablecoin to the XRP Ledger network, enhancing liquidity interoperability between tokenized fiat and fast-settlement assets.
Woofun AI data shows that PayPal USD (PYUSD) remains a formidable competitor, having grown its market cap from $1.28 billion in September to $3.8 billion after expanding to networks like Solana and Arbitrum. DeFiLlama metrics rank PYUSD in sixth position globally by volume and liquidity, bolstered by new peer-to-peer transfer capabilities.
To counter this, Ripple has prioritized a strictly compliant custody model, executing acquisitions totaling nearly $3 billion to strengthen its framework. Operating under New York trust charters, the protocol ensures every token is fully backed by US dollar bank deposits, short-term US Treasury bills, and cash equivalents, all subject to periodic audits.
Projections indicate RLUSD could officially surpass $2 billion by early Q2 2026 if issuance trends persist. The next critical juncture involves the outcome of its National Trust Charter application before the US Office of the Comptroller of the Currency (OCC) and the commercial launch of its payment infrastructure in Japan with SBI Holdings.
