Ripple’s RLUSD overtook PayPal’s PYUSD to take seventh place among stablecoins by market capitalization. On November 12, 2026, its market capitalization stood at approximately $2.71 billion, compared with $2.67 billion for PYUSD, a lead of roughly $40 million. The crossover resulted from RLUSD remaining stable while PYUSD’s supply fell by $99 million to $136 million in a single day. Over the preceding 30 days, RLUSD added $258 million in supply while PYUSD contracted, although the ranking could reverse with new issuance. About one-third of RLUSD’s supply, or $874 million, is held on the XRP Ledger, while the rest is held elsewhere, indicating demand beyond Ripple’s ecosystem.
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