Ripple expands RLUSD stablecoin to new blockchains in pilot program

TLDR

Table of Contents

RLUSD is now being piloted on Optimism, Base, Ink, and Unichain via Wormhole.
Ripple avoids wrapped tokens by using Wormhole’s Native Token Transfers standard.
RLUSD is regulated under New York’s DFS and awaits federal trust bank approval.
RLUSD market cap stands at $1.3B and ranks among the top 10 USD stablecoins.

Ripple Labs has launched a multichain pilot for its US dollar-backed stablecoin, RLUSD, extending its presence to several Ethereum layer-2 blockchains. This move is part of Ripple’s strategy to build a broader, more efficient stablecoin infrastructure while awaiting regulatory clearance for a full-scale launch expected in 2026.

RLUSD was initially launched on the XRP Ledger and Ethereum in December 2024. The stablecoin has since reached a market capitalization of $1.3 billion, placing it among the top 10 USD stablecoins globally.

Expansion to Layer-2 Networks

Ripple is conducting this pilot in collaboration with Wormhole, a crosschain messaging protocol. The pilot phase includes RLUSD being tested on Ethereum-based layer-2 networks Optimism, Base, Ink, and Unichain.

Ripple said this expansion supports its goal of building a scalable and interoperable future for digital assets. “The future of crypto is undeniably multichain, and to truly serve both institutional finance and the growing onchain economy, stablecoins must exist wherever demand and utility are,” the company stated.

The pilot will assess functionality, demand, and utility of RLUSD on these networks while Ripple awaits further regulatory permissions.

Native Token Transfers Replace Wrapped Assets

Unlike many multichain stablecoins that use wrapped tokens, RLUSD will transfer natively across chains. Wormhole’s Native Token Transfers (NTT) standard enables this, allowing RLUSD to function as a single canonical token on each blockchain.

Wormhole said in a post that this method removes the need for wrapped or synthetic assets and prevents liquidity fragmentation. “With NTT, token issuers eliminate the need for fragmented liquidity or wrapped assets, allowing a single, canonical version of RLUSD to exist natively on each blockchain with Ripple owning the contracts,” the Wormhole team said.

This architecture is intended to preserve liquidity and maintain clarity over token issuance and supply.

Regulatory Framework and Federal Oversight

Ripple issued RLUSD under the New York Department of Financial Services (NYDFS) Trust Company Charter. In addition, Ripple has applied for a federal trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC). This would provide national regulatory oversight and may allow broader integration with U.S. financial institutions if approved.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated, “By launching RLUSD—the first US Trust Regulated stablecoin on these L2 networks—we are not just expanding utility; we are setting the definitive standard where compliance and onchain efficiency converge.”

Further expansion of RLUSD to more chains is expected in 2026, pending final regulatory approval.

Market Adoption and Ecosystem Growth

Since its launch, RLUSD has seen increasing adoption across retail platforms. It is supported on platforms like Transak and in self-custodial wallets such as Xaman. This early traction helped RLUSD reach a market capitalization of $1.3 billion.

Compared to other stablecoins, Tether’s USDT leads the market with $186 billion in capitalization, followed by Circle’s USDC at $78 billion and Sky Protocol’s USDS at $9.8 billion.

Ripple’s entry into the stablecoin sector is seen as a move to connect regulated finance with decentralized networks by offering a compliant, multichain native token.