RLUSD Q3 2026 Supply Hits $2.52B

Last updated: September 30, 2026. DefiLlama reports RLUSD circulating supply of $2.521 billion, with $1.396 billion on Ethereum and $1.125 billion on the XRP Ledger. On that USD list RLUSD sits behind USDT at $183.8 billion, USDC at $74.5 billion, USDS at $6.92 billion, USDe at $4.90 billion, DAI at $4.78 billion, USD1 at $4.43 billion, USDG at $3.09 billion, and PYUSD at $2.73 billion.

A separate reserve report on Ripple's transparency page puts total circulating RLUSD at $2,409.0M and RLUSD reserve funds at $2,531.5M as of 09/24/2026. The issuer states the token is backed 100% by highly liquid short-term reserves held for Standard Custody, a NYDFS-chartered limited purpose trust company. The DefiLlama figure is six days later and will not match the attestation to the dollar. Use each number with its own date.

Key Takeaways

DefiLlama showed RLUSD circulating supply of $2.521 billion on September 30, 2026, with $1.396 billion on Ethereum and $1.125 billion on the XRP Ledger.
Ripple's transparency page reported circulating RLUSD of $2,409.0M and reserve funds of $2,531.5M as of 09/24/2026, and describes 100% backing.
Those two sources use different as-of dates. Do not average them into a third supply number.
DefiLlama still shows native RLUSD supply only on Ethereum and the XRP Ledger.
RLUSD remains outside the top cluster of USDT at $183.8 billion and USDC at $74.5 billion.

Supply in Q3 2026

This page started as a Q2 2026 report. The Q2 narrative is kept only where it does not depend on a dollar figure this update cannot re-source. The supply section is now the Q3 cut. On September 30, 2026, DefiLlama counted $2.521 billion of RLUSD, split $1.396 billion on Ethereum and $1.125 billion on the XRP Ledger.

Ethereum holding $1.396 billion and the XRP Ledger holding $1.125 billion means the token is no longer a single-chain curiosity. Ethereum is where most broader stablecoin collateral sits. The XRP Ledger is the chain Ripple's own payments stack assumes. A buyer who needs both should check balances on both, not pick the chain from a press quote.

Rank is the other supply fact. With USDT at $183.8 billion and USDC at $74.5 billion, RLUSD at $2.521 billion is a specialist institutional stablecoin, not a market-wide unit of account. The tokens immediately larger on the same DefiLlama list were PYUSD at $2.73 billion and USDG at $3.09 billion. Being near that band is the right comparison, not a comparison with USDT.

Reserves and the attestation

Ripple's transparency page is the primary source for reserves. As of 09/24/2026 it reported $2,409.0M circulating and $2,531.5M of reserve funds, and it states that Standard Custody must keep the stablecoin backed 100% under NYDFS rules for a limited purpose trust company. Monthly attestations are described as the work of an independent US-licensed CPA.

Do not describe the September 30 DefiLlama supply of $2.521 billion as if it were the attested reserve number. Attestations lag issuance. A higher live supply a few days after an attestation is normal, and it is also a reason to read the next monthly report rather than to invent a reserve ratio from two different clocks.

The product page at Ripple USD describes RLUSD as a dollar stablecoin aimed at institutions, with reserves in dollars and cash equivalents in segregated accounts. That is a design claim from the issuer. It is not a promise about exchange liquidity.

Where it is issued and where it circulates

The regulatory footprint discussed in the Q2 edition was a US issuer under NYDFS, a Japan approval, and a European payments authorization that is not the same thing as a license to offer the token itself everywhere in the EU. This September update does not add a new jurisdiction and does not repeat the older deal sizes. What it does confirm from DefiLlama is the chain footprint: native supply on Ethereum and the XRP Ledger only.

Chain footprint and legal footprint are different maps. A token can be approved for a narrow use in a country and still show no supply on a local chain. RLUSD's on-chain supply, as of this cut, is the $1.396 billion on Ethereum and the $1.125 billion on the XRP Ledger. If a third chain starts to hold a real balance, it should show up in that same DefiLlama split. Until it does, treat other networks as bridged or announced, not as native float.

For readers comparing payment routes rather than issuer rules, chain choice is the practical question, and our stablecoin rails comparison covers how TRC20, ERC20, and Solana differ on fees and speed. RLUSD is not the unit on those three rails. It is a dollar token whose float is on Ethereum and the XRP Ledger.

What changed versus the Q2 write-up

The Q2 write-up led with an on-chain high and an end-of-quarter range that this refresh does not carry forward, because those figures were not tied to a live source we are willing to stand on today. The replacement lead is the September 30, 2026 DefiLlama supply of $2.521 billion and the September 24, 2026 attestation of $2,409.0M circulating against $2,531.5M of reserves.

The qualitative story is unchanged in shape. RLUSD is issued under a New York trust company, it is aimed at institutional settlement, and its float is split between Ethereum and the XRP Ledger. What changed is the scale you should quote, and the habit of quoting one number without a date.

How to quote it

If you need market supply, say RLUSD circulating supply was $2.521 billion on September 30, 2026, according to DefiLlama, with $1.396 billion on Ethereum and $1.125 billion on the XRP Ledger. If you need reserves, say Ripple reported $2,409.0M circulating and $2,531.5M of reserve funds as of 09/24/2026, with 100% backing described on the transparency page. If a sentence needs both, it needs both dates.

For where RLUSD sits in the wider market, pair this page with our 2026 stablecoin statistics. A $2.521 billion token is material. It is not the market.

Conclusion

RLUSD's Q3 2026 supply picture is a dated one. DefiLlama had it at $2.521 billion on September 30, 2026. Ripple's attestation had circulating supply at $2,409.0M and reserves at $2,531.5M as of 09/24/2026. Native supply is still Ethereum and the XRP Ledger. That is the update.

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