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Ripple’s RLUSD stablecoin has overtaken PayPal’s PYUSD to claim the seventh spot among stablecoins by market capitalization.
On November 12, 2026, RLUSD sat at approximately $2.71 billion, compared with roughly $2.67 billion for PYUSD. That gap is narrow enough to fit inside a single busy trading day.
How the crossover happened
The pass came from both directions at once. RLUSD held steady or ticked slightly higher, while PYUSD lost about $99–136 million in supply in a single day.
The 30 days before the crossover tell a similar story. RLUSD added +$258 million in supply over that stretch, while PYUSD’s supply contracted.
The lead is still built on a single-day reading. Daily supply in this market can swing hard, so the order could flip back if PYUSD sees a wave of new issuance.
Where RLUSD lives and how it got here
RLUSD launched globally on December 17, 2024. It began 2026 with a market cap of roughly $1.34 billion, before climbing to its current level of approximately $2.71 billion.
That growth has been linked to exchange integrations and rising institutional adoption.
About one-third of RLUSD’s supply, or roughly $874 million, is held on the XRP Ledger. The rest is spread elsewhere, which suggests the token’s demand extends beyond Ripple’s home network.
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Not everyone is treating seventh place as the finish line. XRP Ledger validator ‘Vet’ described RLUSD as among the top five USD-backed stablecoins and on track for the top three.
That is a forecast from a validator on Ripple’s own network, not a guarantee.
PayPal’s PYUSD hits a rough patch
PYUSD is issued by Paxos on PayPal’s behalf. Its reserves consist of a mix of dollar deposits, US Treasuries, and cash equivalents.
PYUSD has pulled back from the peaks it reached earlier in 2026. The supply contraction in the run-up to the crossover continued that trend.
What this means for the stablecoin race
The things to watch are straightforward. First, whether RLUSD holds its lead through the coming weeks of daily supply swings.
Second, whether PYUSD’s contraction proves to be a temporary dip or a sustained trend.
Third, whether the share of RLUSD on the XRP Ledger rises or falls. That ratio will show whether growth is coming from Ripple’s own ecosystem or from wider adoption elsewhere.
And finally, whether the top-three forecast from ‘Vet’ gets any closer to reality. Climbing from seventh to third would require far bigger supply gains than the +$258 million RLUSD posted in the past month.
For now, Ripple gets bragging rights over PayPal by a margin of roughly $40 million.
