Ripple to present RLUSD growth at Stablecon as CLARITY Act vote nears

Regulatory progress for RLUSD

Ripple’s stablecoin, RLUSD, has continued to operate within a defined regulatory environment even as broader rules for cryptocurrencies like XRP remain unresolved. RLUSD is currently recognized by New York’s Department of Financial Services (NYDFS) as an approved stablecoin. Ripple maintains that RLUSD’s reserves are held separately and meet the NYDFS requirement for 1:1 dollar redemption.

In addition to state-level oversight, the federal regulatory landscape has evolved in recent years. The GENIUS Act introduced a nationwide framework for payment stablecoins in 2025, and subsequent regulatory guidance in 2026 indicated that certain payment stablecoins are generally not categorized as securities within this framework.

Ripple has sought to further its oversight and compliance by applying for a federal trust bank charter. The Office of the Comptroller of the Currency (OCC) granted conditional approval for Ripple National Trust Bank in December 2025. This step would bring RLUSD’s reserve management under OCC supervision, alongside NYDFS regulation. However, the charter does not yet permit the immediate launch of the bank; further approvals are pending.

Mini dictionary: OCC (Office of the Comptroller of the Currency), a U.S. federal agency overseeing national banks and federal savings associations.

These developments come as RLUSD’s circulating supply has grown to approximately $2.40 billion, supported by about $2.52 billion in reserves as of September 3. The stablecoin’s volume has increased significantly compared to a year earlier, when supply stood near $700 million.

Contrasts with broader crypto regulation

While RLUSD enjoys a relatively clear regulatory path, much of the broader cryptocurrency market continues to await more comprehensive federal rules. Ripple’s ongoing legal proceedings with the Securities and Exchange Commission (SEC) have established some legal precedent for XRP, but many aspects of cryptocurrency regulation, particularly around market structure, remain unsettled at the federal level.

The CLARITY Act, now set for a Senate procedural vote on September 15, is seen as a step toward resolving these outstanding issues. The measure would establish new national rules for digital asset markets and oversight structures, but the upcoming vote is only a preliminary milestone rather than final passage.

Procedural progress in the Senate is viewed by many in the industry as pivotal, but definitive rules for the sector may still take more time to materialize, even if the CLARITY Act passes its first test.

Despite the unclear landscape, Coinpaper recently noted that XRP already holds a degree of regulatory clarity due to prior litigation, while many other digital assets await future decisions.

Ripple’s Washington presence and Stablecon agenda

Ripple expanded its permanent Washington, D.C. office in June as the company signaled its intent to strengthen engagement with lawmakers amid critical debates over digital asset regulation, stablecoins, and payments modernization. The company is a global fintech enterprise known for its blockchain-based solutions and its affiliation with XRP, one of the leading cryptocurrencies.

Stablecon, expected to attract over 2,000 participants and 200 speakers, will gather stakeholders from regulatory agencies, traditional banking, and the stablecoin sector. Among the high-profile attendees is FDIC Chairman Travis Hill, emphasizing the conference’s focus on collaboration between banking regulators and the digital asset industry.

Ripple’s growing RLUSD stablecoin supply and its role in the XRPL ecosystem provide the company with significant advancements to showcase as policy discussions heat up in Washington.

Recent XRPL activity has also accelerated in parallel with RLUSD’s expansion, providing further material for Ripple to present during high-level regulatory conversations at Stablecon.