Ripple’s RLUSD Edges Past PayPal’s PYUSD in Market-Cap Snapshot

Ripple USD (RLUSD) moved ahead of PayPal USD (PYUSD) in a Nov. 12 market-cap reading, putting the two dollar-pegged stablecoins in a different order from the prior day.

At 6:46 a.m. ET (11:46 UTC), RLUSD stood at $2.71 billion and PYUSD at $2.67 billion. That gave RLUSD a lead of about $40 million in the snapshot.

Wednesday’s UTC daily record still showed PYUSD ahead. It listed PYUSD at $2,774,773,317 and RLUSD at $2,716,360,419, a difference of $58,412,898. The rounded figures, $2.77 billion and $2.72 billion, make the gap look smaller because the difference comes from the unrounded values.

The change follows an earlier comparison in which RLUSD was about $248 million behind PYUSD. Those readings show different rankings, but do not establish when the crossover began or how long RLUSD held the lead.

Both tokens are designed to track the U.S. dollar. Market capitalization combines a token’s price with its circulating supply. When prices remain near $1, changes in supply can affect the ranking, but market capitalization alone does not show how much either stablecoin is used for payments or settlement.

Paxos issues PYUSD, which is backed by dollar deposits, U.S. Treasuries and comparable cash equivalents. RLUSD launched in December 2024.

Ripple expanded RLUSD access on Oct. 28 through Coinbase Prime, Coinbase Exchange and the Coinbase retail app. Users could deposit and withdraw RLUSD on Ethereum, Base and the XRP Ledger. Availability on Coinbase Global Exchange, including use of RLUSD as collateral, was due to follow.

“Institutional appetite for compliant, high-quality stablecoins is clear,” said Jack McDonald, Ripple’s senior vice president of stablecoins. “The challenge is making them readily available through the platforms institutions already trust and use.” The readings do not establish whether the expanded access or institutional demand drove the ranking change.