Ripple's dollar-pegged token RLUSD has climbed past $2.69 billion in market capitalization, moving it into seventh place among stablecoins worldwide and pushing PayPal USD (PYUSD) down to eighth, according to CoinMarketCap data as of November 13.
The ranking change caps a month in which the San Francisco-based blockchain payments firm posted the largest stablecoin capitalization gain of any issuer. The token's advance displaces a rival backed by a household-name payments company, a notable marker for a stablecoin that did not exist two years ago.
RLUSD was introduced in December 2024 and is designed to support payments, liquidity provision and other financial operations. It runs on both the XRP Ledger and Ethereum, a dual-network setup that broadens the range of wallets, exchanges and applications able to hold and transfer it. Unlike XRP, the token is backed by reserve assets and holds a fixed dollar peg, giving counterparties an option that does not carry the price swings of a conventional cryptocurrency.
Note: Figures reflect CoinMarketCap data as of November 13, 2026.
The margin between the two tokens is narrow. RLUSD's lead over PYUSD amounts to roughly $20 million, a gap that could narrow or reverse with ordinary day-to-day flows. The move nonetheless represents the first time Ripple's token has sat ahead of PayPal's in the rankings.
Separate figures from blockchain analytics platform Token Terminal show Ripple added $258.2 million in stablecoin market capitalization over the 30 days through mid-November, the largest increase among the issuers that platform tracks. Open Standard ranked second with a gain of $165.1 million, and Ethena was third at $78 million.
Note: Data from Token Terminal covering the 30 days through November 12, 2026.
Ripple's monthly increase exceeded Ethena's by $180.2 million, more than three times the competing project's figure, and beat Open Standard by about $93.1 million. The same data set showed Ethena briefly ahead of Ripple in daily capitalization growth during one 24-hour stretch last week before Ripple reclaimed the lead over the full month.
The growth came while XRP itself was under selling pressure, part of a broader soft patch across major cryptocurrencies. That divergence is central to how Ripple has pitched the product: the stablecoin's reserve backing is meant to insulate it from the volatility that affects its sister asset, and the recent numbers suggest demand for the token has held up even as XRP prices moved against holders.
Stablecoins generally are pegged to a reserve asset such as the U.S. dollar and are used to move funds between venues without exposure to the price swings typical of other digital assets. They have become core plumbing for crypto trading and, increasingly, for cross-border payments, which is the market Ripple has targeted since its founding.
For Ripple, a higher stablecoin ranking carries weight beyond bragging rights. The company has spent years arguing that blockchain-based settlement can compete with conventional correspondent banking, and a larger RLUSD float gives it more capacity to support payment corridors, trading liquidity and institutional transactions on the networks it operates. Scale also matters for redemption confidence: a bigger reserve base can absorb larger flows without straining the peg.
The competitive picture remains crowded. Tether and Circle's USDC dominate the category by a wide margin, and PayPal's PYUSD has the distribution reach of a major consumer payments network behind it. RLUSD's edge, for now, rests on growth rate rather than absolute size, and monthly rankings can shift quickly when large holders move in or out.
Market participants will be watching whether the recent pace of inflows persists through the rest of the quarter. Sustained expansion would strengthen Ripple's hand in pitching RLUSD to payment providers and exchanges, while a stall would leave the token vulnerable to being overtaken again by PYUSD or other issuers with deeper retail reach.
