Ripple’s dollar-pegged stablecoin, RLUSD, has smashed through its previous ceiling to set a fresh all-time high. The rocket fuel appears to be a string of institutional wins and regulatory green lights that are pulling in serious capital. But while RLUSD enjoys zero-gravity price action, XRP looks like the pack mule doing the heavy lifting without seeing a dime of the profit. It is the classic crypto tale of the new shiny asset stealing the spotlight while the old guard waits in the wings.
According to data from DefiLlama, RLUSD’s market cap has now blasted past $1.38 billion. That represents a hefty $125 million increase since late November 2025. The latest tailwind is a multi-year partnership with LMAX Group, a heavyweight cross-asset trading platform. Under the deal, RLUSD will serve as core collateral across LMAX’s infrastructure, allowing banks, brokers, and institutions to use it for margin and cross-collateralization in crypto spot, perpetuals, and CFDs.
“Partnering with Ripple is a milestone for LMAX,” said CEO David Mercer. “With clearer regulation, fiat-backed stablecoins like RLUSD will bridge TradFi and digital assets.” To sweeten the pot, Ripple is backing the partnership with a $150 million financing commitment designed to support LMAX’s expansion.
The institutional bandwagon keeps rolling. Interactive Brokers will soon allow eligible clients to fund accounts using RLUSD, joining a growing list of adopters that includes DBS, Franklin Templeton, and SBI Holdings. Regulators are also getting cozy with the project: Abu Dhabi’s FSRA has approved RLUSD for institutional use, while preliminary EMI approval in Luxembourg sets the stage for EU operations. Ripple now boasts over 75 regulatory licenses globally.
But here is the fine print for XRP holders: nearly 76% of RLUSD’s supply lives on Ethereum, not Ripple’s native XRP Ledger. That means RLUSD transactions on Ethereum do not burn XRP or generate revenue for holders, fueling community debate over whether Ripple’s growth actually lifts XRP. It is a classic case of the house winning big while the house coin sits on the sidelines.
As of writing, XRP trades at $2.08, down over 1% in 24 hours. RLUSD, meanwhile, keeps climbing.
