Ripple’s stablecoin RLUSD has reached a new supply high of $2.491 billion, placing it just $248 million behind PayPal’s PYUSD at $2.739 billion. RLUSD has grown more than 86% since the start of 2026, while PYUSD has declined roughly 35% from its March peak of $4.214 billion. Over the past week alone, RLUSD supply increased by $112 million as PYUSD contracted by $61 million. Growth across both issuing networks contributed to RLUSD’s expansion between September 21 and 28. Supply on the XRP Ledger rose by $63 million to $1.099 billion, while Ethereum issuance grew by $49 million to $1.392 billion. Ethereum currently accounts for approximately 56% of total RLUSD supply, with the XRP Ledger representing the remaining 44%.