Ripple announced that its RLUSD stablecoin surpassed $2 billion in market capitalization during the week of August 25, 2026, less than two years after its December 2024 launch. The milestone reflects the addition of circulating tokens rather than price movement, as RLUSD is pegged to $1 per token. Approximately $1 billion of the supply was issued on the XRP Ledger, while about $1.05 billion was on Ethereum, according to Ripple’s update and data from CoinGecko. Standard Custody & Trust Company, a Ripple subsidiary, issues RLUSD under a New York State Department of Financial Services charter and holds reserves consisting of cash and cash equivalents such as Treasury bills and money‑market funds. As of August 20, 2026, Ripple reported $1.98 billion in reserves against $1.87 billion of circulating RLUSD, a figure that preceded the $2 billion market‑cap level. Ripple markets RLUSD for payments, collateral, tokenized assets and institutional finance, and has supported a planned institutional credit fund that would issue RLUSD‑denominated working‑capital loans. The stablecoin is now available on additional networks including Base, Ink, Optimism, Unichain and the XRPL EVM sidechain, though live supply data for those networks have not been disclosed. While XRP transaction fees on the XRP Ledger create some demand for the underlying token, issuance of RLUSD does not directly translate into higher XRP demand. Future indicators to watch include monthly issuance, redemption activity, transfer volume, network distribution and updated reserve attestations from Deloitte.