Why Ripple's RLUSD Market Cap Could Soon Hit $1 Billion

DBS Bank, the largest bank in Southeast Asia, has partnered with Franklin Templeton and Ripple to launch trading and lending solutions based on tokenized money market funds and RLUSD.

Ripple announced the partnership as RLUSD’s market capitalization reached a new all-time high in September.

Ripple Expands RLUSD Use Cases in September

According to Ripple, DBS, and Franklin Templeton signed a memorandum of understanding to introduce trading and lending solutions built on tokenized money market funds (MMFs) and Ripple’s RLUSD stablecoin.

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Investors can purchase sgBENJI tokens – representing Franklin Templeton’s money market fund – on DBS Digital Exchange using the RLUSD stablecoin. In addition, Franklin Templeton will tokenize sgBENJI on the XRP Ledger, Ripple’s public, enterprise-grade blockchain.

“2025 has been marked by a series of industry-firsts when it comes to traditional financial institutions moving onchain – and the linkup between Ripple, DBS and Franklin Templeton to enable repo trades for a tokenised money market fund with a regulated, stable and liquid mode of exchange such as RLUSD is truly a game-changer,” Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, said.

Data from DefiLlama shows that RLUSD’s market capitalization hit a new record of $729 million in September. This marks more than a tenfold increase since the start of the year. Some analysts predict that RLUSD’s market cap could soon surpass $1 billion following this collaboration.

However, this figure remains modest compared to USDT’s $170 billion market cap or USDC’s $73 billion.

RLUSD MarketCap. Source: DefiLlama.

RWA data indicates that RLUSD currently has about 36,000 holders, accounting for only 0.26% of the total stablecoin market capitalization.

In September, Ripple also partnered with Chipper Cash, VALR, and Yellow Card to launch RLUSD across African markets. Chainalysis reported that Sub-Saharan Africa has emerged as the third-fastest growing region for crypto, driven by strong retail activity in the first half of 2025.

Last month, Ripple and SBI Holdings signed a memorandum of understanding to distribute RLUSD through the SBI VC Trade platform.

These institutional partnerships highlight Ripple’s efforts to expand RLUSD adoption worldwide.

With these developments, RLUSD’s growth potential looks highly promising.

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