Ripple's US dollar-backed stablecoin RLUSD has reached a new all-time high, with its market capitalization now exceeding $1.38 billion according to DefiLlama data. Since late November 2025, the stablecoin has added $125 million in value.
The growth follows Ripple's newly announced partnership with LMAX Group, a global cross-asset marketplace for foreign exchange and digital assets. As part of a multi-year collaboration, RLUSD will be integrated as a core collateral asset across LMAX's institutional trading infrastructure.
"Partnering with a leader like Ripple is a milestone for LMAX," said David Mercer, CEO of LMAX Group. "With greater US and global regulatory clarity, fiat-backed stablecoins will be a key catalyst in driving the convergence of TradFi and digital assets, and RLUSD is positioned at the forefront."
Ripple has committed $150 million in financing to support LMAX's long-term cross-asset growth strategy. Institutional clients will gain enhanced liquidity, secure custody via segregated wallets, and 24/7 access to a cross-asset marketplace, features not typically available with traditional fiat currencies.
"LMAX has long been a leader in providing the transparent, regulated infrastructure that institutional players require. This partnership will accelerate the utilization of RLUSD—already a top-five USD-backed stablecoin—within one of the largest and most sophisticated trading environments," added Jack McDonald, SVP of Stablecoins at Ripple.
Interactive Brokers has announced that eligible clients will soon be able to fund accounts using RLUSD, expanding the stablecoin's reach into mainstream brokerage services. Other institutional adopters include DBS, Franklin Templeton, and SBI Holdings.
However, nearly 76% of RLUSD's supply resides on Ethereum rather than Ripple's native XRP Ledger. This limits XRP's direct utility since RLUSD transactions on Ethereum do not contribute to XRP burns or holder revenue.
The situation has sparked debate within the XRP and broader crypto communities, amid expectations that Ripple's innovations would directly bolster XRP's demand.
Regulatory approvals continue to support RLUSD's institutional credibility. The Abu Dhabi Financial Services Regulatory Authority has greenlighted RLUSD for regulated institutional use, while preliminary European EMI approval in Luxembourg opens pathways for EU-wide operations. Ripple now holds over 75 regulatory licenses globally.
As of this writing, XRP was trading for $2.08, down by over 1% in the last 24 hours.