The shift follows a steady narrowing of the gap. Lookonchain data showed $RLUSD supply at about $2.49 billion in late September, up more than 86% from $1.336 billion at the start of 2026. At that point it trailed $PYUSD, then at about $2.739 billion, by roughly $248 million. $PYUSD had fallen about 35% from its March 5 peak of $4.214 billion.
$RLUSD launched in December 2024, so the milestone comes less than two years after its debut.
Coinbase Integration Widens Access
$RLUSD‘s growth has coincided with a run of institutional partnerships and exchange integrations. The most recent was Coinbase. In an October 28 press release, Ripple said retail and institutional clients can trade and manage $RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app, with 1:1 conversion from U.S. dollars.
The Block reported that deposits and withdrawals are supported on the $XRP Ledger, Ethereum and Coinbase’s Base network. Support for Coinbase Global Exchange customers, including use of $RLUSD as collateral, is expected to follow. Ripple has also said it will provide liquidity for $RLUSD on Base.
Brett Tejpaul, Co-CEO of Coinbase Institutional, described the addition as “another step toward the everything exchange,” according to Ripple’s release.
Stablecoin rankings can shift quickly as supply is issued and redeemed, so the standings may change in the coming days.
Sources
Digital Today: Ripple $RLUSD overtakes PayPal’s $PYUSD as market cap tops $2.71 billion
Ripple: Ripple and Coinbase Partner to Expand Access to Ripple USD
The Block: Coinbase adds Ripple’s $RLUSD stablecoin
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