Ripple Expands RLUSD Supply as Stablecoin Battle Heats Up

Ripple has minted an additional $20 million worth of its RLUSD stablecoin, pushing total circulating supply to $1.53 billion as of February 20, 2026.

The expansion reflects Ripple’s broader strategy to strengthen its position within the regulated stablecoin segment, a market still overwhelmingly dominated by Tether (USDT) and USD Coin (USDC).

Stablecoin Market Landscape (February 2026)

The stablecoin market remains highly concentrated:

• USDT: ~$183 billion
• USDC: ~$74 billion
• RLUSD: ~$1.53 billion

While RLUSD is still small compared to the two leaders, its growth trajectory over the past year stands out.

RLUSD Growth and Distribution

After analyzing current supply data, it is visible that RLUSD has expanded rapidly. The stablecoin has recorded roughly 10x year-over-year growth, surpassing the $1.2 billion mark on Ethereum earlier this month before the latest minting event.

Ripple’s approach is clearly multi-chain. As of February 2026:

• Ethereum holds approximately 77% of total RLUSD supply
• XRP Ledger (XRPL) accounts for roughly 23%

This distribution suggests Ethereum remains the primary liquidity hub, while XRPL plays a strategic role in Ripple’s broader ecosystem integration.

Institutional-First Strategy

Unlike USDT and USDC, which have strong retail penetration, Ripple is positioning RLUSD primarily as regulated financial infrastructure.

The stablecoin is designed to serve:

• Banks
• Custodians
• Cross-border settlement desks
• Large trading firms

The goal appears less focused on retail trading pairs and more aligned with institutional settlement flows and tokenized asset infrastructure.

Regulatory Positioning

Ripple’s stablecoin push coincides with its broader regulatory expansion. The company secured a UK Electronic Money Institution (EMI) license in early 2026, reinforcing its compliance-first positioning.

In a stablecoin environment increasingly shaped by regulatory scrutiny, Ripple’s strategy seems centered on building credibility within traditional financial systems rather than competing directly in retail-dominated markets.

While RLUSD remains far smaller than USDT or USDC, its steady supply growth and institutional orientation suggest Ripple is playing a long-term strategic game. The question now is whether regulated financial entities will meaningfully shift liquidity toward newer, compliance-focused stablecoin infrastructure, or continue to rely on established incumbents.

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