Ripple's dollar-backed stablecoin $RLUSD led all stablecoin issuers over the past 24 hours, with $34.7 million in net new tokenized dollars issued. The figure put @Ripple ahead of larger rivals, including @Tether at $24.2 million and @m0 at $22.6 million.

The rest of the top group was smaller. @SoFi issued $4.6 million, @JupiterExchange $3.0 million and @arcus_xyz $2.7 million. The data points to steady institutional interest in $RLUSD, although daily flows can change quickly.

How $RLUSD Compares in Size

Leading the daily issuance table does not make $RLUSD one of the largest stablecoins. DefiLlama data shows $RLUSD had a market cap of about $2.418 billion on Nov. 1, 2026, with most of it on Ethereum ($1.71 billion). Tether's USDT remains far bigger, and daily net issuance measures new supply, not total market share.

Know when your
coins move

$RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary. According to Ripple's product page, institutions can mint and redeem the token directly with Ripple, and the service runs around the clock across several banking partners. Ripple says the token is supported on the $XRP Ledger, Ethereum, Base, Optimism, Ink, Unichain and the XRPL EVM Sidechain, as available.

Why Daily Issuance Can Mislead

Net issuance figures can swing sharply from one day to the next. Blockonomi reported that Ripple minted 110.57 million $RLUSD on Nov. 2, after $RLUSD supply on the $XRP Ledger fell by $284.4 million on Oct. 30 when large amounts of tokens returned to Ripple's issuer account. The outlet also noted that new issuance does not confirm customers bought that amount, since issuers also create tokens for treasury management, exchange balances and settlement.

That context matters for reading the latest data. A single day at the top of the table shows momentum, but the more useful test is whether $RLUSD can sustain net inflows over weeks rather than hours. For now, $RLUSD is outpacing much larger competitors on daily issuance.

Sources

DefiLlama: Ripple USD ($RLUSD) market cap and supply
Ripple: Stablecoin features overview
Blockonomi: Ripple mints $110M $RLUSD after sudden supply drop