Ripple’s RLUSD reached a fresh all-time high near USD 2.44 billion this week as the company expands its stablecoin across corporate treasury, payments, and capital markets.

Thinking Crypto host Tony Edward said Ripple Stablecoin Chief Jack McDonald sees a customer base handling roughly USD 13 trillion in annual transactions. Edward linked that opportunity to growing stablecoin use in payments and capital markets.

At the same time, Ripple continues expanding RLUSD across networks and institutional products. The growth comes before the Senate’s scheduled CLARITY Act vote on Sept. 15.

RLUSD Supply Climbs 41% in 30 Days

Data aggregators recorded an RLUSD all-time high of USD 2.442 billion this week. DeFiLlama showed about USD 2.42 billion in circulation on Monday, Sept. 14.

That figure stood near USD 2.41 billion one week earlier and USD 1.72 billion one month ago. Therefore, RLUSD supply has increased about 41% over 30 days.

The stablecoin crossed USD 2 billion by Aug. 25 after ending July near USD 1.58 billion. Can RLUSD convert that rapid supply growth into sustained corporate treasury activity?

Ethereum Takes Larger Share of New RLUSD

RLUSD’s distribution across Ethereum and the XRP Ledger has also changed. In July, the XRP Ledger held USD 907.2 million, representing 58.9% of total supply. Ethereum held about USD 632.2 million at that time. By Sept. 14, trackers showed roughly USD 1.37 billion on Ethereum and USD 1.05 billion on the XRP Ledger.

Ethereum therefore added about USD 737 million since July, while the XRP Ledger gained roughly USD 146 million. Ethereum captured most of the approximately USD 840 million in additional supply. Still, the distribution data does not identify which customers minted those tokens. It only shows where RLUSD currently sits across supported networks.

Meanwhile, the XRP Ledger holds about USD 1.14 billion in total stablecoins and ranks 11th among networks. It sits ahead of Aptos and Plasma. Robinhood Chain, which launched on July 1, holds about USD 1.04 billion and ranks three places lower.

Ripple Expands RLUSD Across Institutional Markets

Edward said McDonald sees payments and capital markets as major drivers for stablecoin adoption. He also pointed to Ripple’s banking relationships, payment partners, and acquisition of GTreasury.

Edward connected RLUSD’s growth with broader XRP Ledger development. He cited Clearpool Finance’s proposal to migrate to XRPL using new lending standards for institutional credit products.

Read More: XRP Rises to USD 1.11 as Ripple Expands RLUSD Minting Across the XRP Ledger

Ripple has also committed investment toward XRP and RLUSD yield products, according to Edward. Separately, Ripple expanded RLUSD through Wormhole in June. The expansion added access to Optimism, Base, Ink, Unichain, and the XRPL EVM Sidechain. RLUSD already operates across Ethereum and the XRP Ledger.

Meanwhile, the U.S. crypto industry faces a key regulatory test. The Senate plans to vote on the CLARITY Act on Sept. 15. Edward said negotiations continued before the vote and identified ethics provisions as a major issue. Patrick Whitt and Mike Novogratz also pointed to continuing negotiations.

Coinbase CEO Brian Armstrong recently described the legislation as being near the finish line. Edward said approval could improve market sentiment and support Bitcoin and altcoins.

Final Thoughts

RLUSD has reached a record near USD 2.44 billion while Ripple expands its role in institutional payments, treasury services, and capital markets. Ethereum now holds more RLUSD than the XRP Ledger, while Ripple continues adding networks and institutional products as the CLARITY Act vote approaches.