RLUSD Hits Record High Amid Ripple’s Institutional Push — But XRP Is Left Behind

RLUSD, Ripple’s US dollar-backed stablecoin, has surged to a new all-time high, fueled by a series of high-profile partnerships and regulatory milestones accelerating its adoption among institutional investors. RLUSD’s market capitalization now tops $1.38 billion, with roughly $125 million added since late November 2025. The latest driver of RLUSD growth comes from Ripple’s newly announced partnership with LMAX Group, a leading global cross-asset marketplace for foreign exchange and digital assets. “We’re partnering with LMAX to accelerate institutional stablecoin adoption and cross-asset mobility,” RLUSD will be integrated as core collateral across LMAX’s global marketplace — unlocking cross-collateral efficiencies across crypto and traditional markets. As part of a multi-year collaboration, RLUSD will be integrated as a core collateral asset across LMAX’s institutional trading infrastructure, enabling banks, brokers, and buy-side institutions to leverage RLUSD for cross-collateralization and margin efficiency in spot crypto, perpetual futures, and CFD trading. David Mercer, CEO of LMAX Group, called the partnership a milestone, noting that with clearer global regulation fiat-backed stablecoins will be a key driver for convergence of TradFi and digital assets, with RLUSD positioned at the forefront. The collaboration is complemented by a $150 million financing commitment from Ripple to support LMAX’s long-term growth. Institutional clients will benefit from enhanced liquidity, secure custody via segregated wallets, and 24/7 access to a cross-asset marketplace. RLUSD’s growth trajectory is further boosted by Interactive Brokers’ announcement that eligible clients will soon be able to fund accounts using the stablecoin, expanding its footprint into mainstream brokerage services. Other notable institutional adopters include DBS, Franklin Templeton, and SBI Holdings, underscoring growing confidence in RLUSD as a trusted settlement and collateral asset. Ethereum Dominates RLUSD Supply, Limiting XRP Utility: Despite these successes, the majority of RLUSD’s supply (nearly 76%) resides on Ethereum rather than Ripple’s XRPL, which means Ethereum integration unlocks substantial DeFi liquidity but limits XRP’s direct utility since RLUSD transactions on Ethereum do not contribute to XRP burns or holder revenue. Regulatory approvals continue to support RLUSD’s institutional credibility. The Abu Dhabi Financial Services Regulatory Authority (FSRA) greenlighted RLUSD for regulated institutional use, and preliminary European EMI approval in Luxembourg opens pathways for EU-wide operations. Ripple now stands out as one of the most institutionally compliant crypto firms globally, with 75+ regulatory licenses. With a market capitalization over $1.38 billion and a growing list of high-profile partnerships, RLUSD is positioned for further expansion. Its integration into LMAX Group’s trading infrastructure and recognition by global regulators marks a significant step toward mainstream stablecoin adoption, bridging the gap between crypto markets and TradFi ecosystems. As of this writing, XRP was trading at $2.08, down by more than 1% in the last 24 hours.