According to a report by The Block on July 9, the USD-pegged stablecoin RLUSD issued by Ripple has surpassed $500 million in circulation within seven months since its launch in December 2024. RLUSD is issued on the XRP Ledger and Ethereum, currently ranking among the top 20 USD stablecoins globally, with a daily trading volume of approximately $26 million. This currency is backed by cash, cash equivalents, and short-term U.S. Treasury securities, with a 1:1 peg to the dollar. Currently, Ripple is seeking a national trust bank license in the United States to directly hold customer deposits and issue RLUSD. Overall, the total market capitalization of the USD stablecoin market has approached $250 billion, accounting for over 95% of the total stablecoin market.