Ripple’s U.S. dollar stablecoin, RLUSD, is quickly emerging as one of the most important projects in the stablecoin and tokenization space. In just a few weeks since launch, RLUSD has gone from being “the new stablecoin on the block” to becoming a serious player with nearly $800 million in circulation, listings on major exchanges, and deep integration into the world of institutional finance.

Bybit Listing Expands Retail Access

One of the most immediate catalysts for RLUSD’s growth is its listing on Bybit, where users can now trade RLUSD against USDT, BTC, ETH, and XRP. This provides instant liquidity and makes the token easily accessible to a wide retail user base. Stablecoins live or die by liquidity, and Bybit’s support sends a strong signal that RLUSD is here to compete with giants like USDT and USDC.

BlackRock and VanEck Adoption

The most groundbreaking development, however, comes from the institutional front. RLUSD is now being used as a 24/7 redemption and settlement tool for tokenized funds such as BlackRock’s BUIDL and VanEck’s VBILL. Through its partnership with Securitize, fund holders can instantly convert tokenized shares into RLUSD, bypassing the limitations of traditional banking hours.

This move is more than just a convenience feature - it’s a paradigm shift. It demonstrates how stablecoins can function as the bridge between tokenized real-world assets (RWAs) and everyday liquidity. For institutions, that means faster settlement, lower friction, and better access for global investors.

Regulatory Clarity as a Competitive Edge

Unlike some of its rivals, RLUSD has been built with regulatory oversight from day one. Issued under the supervision of the New York Department of Financial Services (NYDFS), RLUSD is backed 1:1 by reserves held in cash and U.S. Treasuries. This compliance-first approach is positioning it as a trusted alternative to more opaque stablecoins.

DBS and Franklin Templeton: Expanding Tokenization

The momentum doesn’t stop there. Singapore’s DBS Bank and Franklin Templeton recently announced that they will enable trading of Franklin’s tokenized money market fund (sgBENJI) directly against RLUSD on the DBS Digital Exchange. This will allow accredited investors to move seamlessly between a regulated money market fund and RLUSD, creating new possibilities for collateral, settlement, and liquidity management.

What It Means for XRP and the XRPL

Although RLUSD is issued on both Ethereum and the XRP Ledger, the implications for XRPL are especially significant. Every new listing, partnership, and fund integration increases demand for liquidity on XRPL. For XRP holders, this could mean more utility and more activity on the network, reinforcing Ripple’s broader strategy of making XRPL a hub for payments and tokenized finance.

Outlook: RLUSD’s Place in the Stablecoin Race

With a growing market cap approaching $1 billion, RLUSD is still a fraction of USDT’s dominance. But the trajectory is clear: Ripple is building RLUSD into a compliance-first, institution-friendly stablecoin that also provides retail accessibility. Its dual focus on regulatory trust and real-world adoption could set it apart from competitors.

As tokenization of assets accelerates, RLUSD may end up being one of the most strategically important projects in Ripple’s history - linking Wall Street, global exchanges, and blockchain infrastructure in ways few stablecoins have achieved.