Ripple's dollar token RLUSD has edged ahead of PayPal's PYUSD to sit seventh among stablecoins by market cap. Crypto Briefing, early this morning, put the crossover on a November 12 reading: RLUSD at about $2.71 billion, PYUSD at about $2.67 billion. The lead is thin — roughly $40 million — and can flip on a single busy day. The same Friday, XRP briefly traded under $1 on CoinGecko. A stablecoin ranking is not a bid for the token.
XRP market moves
XRP opened November 13 (00:00 UTC) at about $1.04, market cap near $66.1B, with about $1.49B in 24-hour volume (CoinGecko). During the New York morning it printed a 4-hour low of about $0.9998, then recovered into a $1.01–$1.04 range and spent the afternoon near $1.02. That is the first sub-$1 print of this slide, and it did not hold. We are describing a wick and a recapture, not a new regime.
The seventh-place print
Crypto Briefing says the pass came from both sides: RLUSD held steady or ticked up, while PYUSD's supply contracted by about $99–$136 million in a day. Over the prior 30 days, the same piece says RLUSD added about $258 million in supply while PYUSD shrank. RLUSD launched globally on December 17, 2024 and began 2026 near $1.34 billion.
DefiLlama is the underlying ranking source the market uses for these league tables. By the next day's snapshot the gap had widened further — RLUSD still seventh, PYUSD eighth — but daily supply in this corner of the market swings hard, which is why we are dating the crossover to the November 12 reading and not treating seventh place as a locked trophy.
Where the supply actually lives
This is the part of the story that gets skipped. Crypto Briefing said about one-third of RLUSD, or roughly $874 million, sat on the XRP Ledger. That fraction is stale relative to what we can see on-chain today.
Our XRPL gateway_balances check at 11:53 AM ET showed 763,089,628 RLUSD on issuer rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De (ledger 108307221). A week earlier, on November 6, the same method showed about 884.5 million. DefiLlama's XRPL slice has been tracking the same direction: roughly $884 million a week ago, $819 million the prior day, and about $764 million in the latest pull. Ethereum has been taking the growth. In other words, RLUSD can set a new high and still lose share on its home ledger.
That is the same split we flagged on November 3, when Garlinghouse said he wants those dollar use cases running on XRPL and about two-thirds of the supply already sat on Ethereum. The ranking improved. The chain mix did not.
Question everything
Seventh place versus PYUSD is a market-cap snapshot, not a payments-volume ranking, and not a measure of XRP demand. Fee burn on RLUSD transfers remains tiny. A validator's forecast that RLUSD is "on track for the top three" is an opinion, and Crypto Briefing treated it that way. Climbing from seventh to third would take far more than the last month's $258 million of net supply.
Also: XRP under $1 for a moment does not tell you anything about RLUSD's reserves or its peg. Do not staple those headlines together as cause and effect.
What people are talking about
The ranking is being celebrated as a Ripple win over PayPal. The sub-$1 wick is being treated, in other corners, as a broken thesis. Both are louder than the chain-mix data, which is the more useful number.
On-chain data
XRP price: about $1.04 at 00:00 UTC; intraday low about $0.9998, later near $1.02 (CoinGecko)
Market cap: about $66.1B at the daily snapshot (CoinGecko)
24h volume: about $1.49B (CoinGecko)
RLUSD (Nov 12 reading): about $2.71B; PYUSD about $2.67B (Crypto Briefing, DefiLlama)
RLUSD on XRPL (Nov 13, 11:53 AM ET): 763,089,628 (ledger gateway_balances)
RLUSD on XRPL a week earlier (Nov 6 evening): about 884.5 million
Flows and macro
The token is still working off a two-week decline from the mid-$1.20s, with U.S. spot XRP ETFs having gone quiet earlier in the month. We did not have a complete Friday flow print at deadline. A brief break of $1 in a risk-off tape is a level event, not a referendum on the stablecoin league table.
What to watch next
Whether RLUSD holds seventh through a full week of daily DefiLlama prints
The XRPL share of RLUSD — $763 million and falling is the tell
Whether PYUSD's supply contraction reverses
Whether XRP closes a session under $1, which today's wick did not do
The XRPTRACER take
RLUSD passing PYUSD is a real, narrow ranking win, and it should be dated to the November 12 snapshot. The more important fact on the same desk is that the extra supply is not landing on XRPL. XRP's brief dip under $1 is a market print, not a stablecoin story. We will keep both series on the Dashboard and the Catalyst Tracker.
Sources: Crypto Briefing: RLUSD passes PYUSD, Nov 13 · DefiLlama stablecoins · CoinGecko XRP
Price is CoinGecko's daily snapshot at 00:00 UTC on November 13, 2026, with the intraday low from the same day's CoinGecko chart. The RLUSD/PYUSD crossover is a November 12 DefiLlama reading as reported by Crypto Briefing on November 13. XRPL RLUSD is from a gateway_balances check at about 11:53 AM ET.
Not investment advice. See our Disclaimer.
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