Ripple Launches Mint, Backs Notabene to Drive RLUSD Adoption
Ripple launched RLUSD in December 2024 as a regulated, dollar-backed stablecoin aimed primarily at institutional payments, treasury operations and blockchain settlement. The token is issued by Standard Custody & Trust Company, which holds a limited-purpose trust charter from the New York Department of Financial Services. With a market value of about $1.5 billion, RLUSD has become a sizable regulated stablecoin, though it remains far smaller than Tether’s USDT and Circle’s USDC. Its key test is converting wider ownership into recurring transaction volume.
On July 23, 2026, Ripple launched Ripple Mint, allowing institutions to mint, redeem, bridge and track RLUSD through a web dashboard or APIs. It also made an undisclosed strategic investment in Notabene, which will integrate RLUSD into its compliance-focused business-payments network. Over the latest 30-day period, RLUSD holder numbers rose 6% and active addresses jumped 70%, but market capitalization fell nearly 5%. Monthly transfer volume dropped 25% to $10.95 billion from about $14.6 billion, suggesting customers are increasingly holding the token rather than using it frequently.
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The history behind this eventRipple Backs RLUSD Fund for Institutional Lending
Ripple’s RLUSD is a U.S. dollar-pegged stablecoin designed for institutional use. The proposed fund would extend the XRP Ledger beyond payments and asset transfers into private credit, supplying working-capital loans to fintech and payments companies. Clearpool is building the lending infrastructure, while Cicada Partners will source borrowers, set terms and monitor credit risk. Loans and repayments would be denominated in RLUSD, potentially creating transaction demand for the token.
The plan was disclosed on Aug. 21, 2026, with Ripple joining as a limited partner on the same terms as other institutional investors, without guaranteeing the loans. The fund’s total size and Ripple’s commitment were not disclosed; Cicada said it has underwritten more than $860 million of credit. Testing is under way on a development network, but the required XLS-65 single-asset vault and XLS-66 lending amendments remain in validator voting, meaning the product has yet to originate loans on the XRP Ledger mainnet.
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