Circle Paid Its Partners $819 Million in Six Months. Can Ripple’s RLUSD Compete?

Circle Internet Group (NYSE: CRCL | CRCL Price Prediction) announced it paid $819 million to its partners in the first half of 2026, as president Kash Razzaghi shared on X. This figure sets a high benchmark for Ripple’s RLUSD. Razzaghi said over 150 global partners are building on USD Coin (CRYPTO: USDC) and benefiting from its growth. Notably, customers can redeem USDC for U.S. dollars without incurring any fees.

In contrast, Ripple USD (CRYPTO: RLUSD) has a market value of about $2.4 billion as of October 18, compared with USDC’s much larger market cap of about $72.3 billion.

Additionally, XRP (CRYPTO: XRP) is trading at $1.30, down 6.9% over the past week, even as Ripple has signed RLUSD agreements with a bank and a brokerage-systems firm. This raises the question: can Ripple’s stablecoin truly compete, and would XRP holders benefit if it does?

Circle’s $819 Million in Partner Support Builds Loyalty for USDC

Circle’s revenue primarily comes from the reserves backing USDC, which consist of cash and short-term U.S. government debt. Circle keeps the interest earned on these holdings, and the $819 million is what it shares with the exchanges, wallets, and fintech applications that distribute USDC. This resembles a revenue-sharing model that incentivizes these partners to favor USDC as their default digital dollar.

The lack of redemption fees also removes an exit cost that could otherwise steer businesses toward competitors like RLUSD. However, this data comes from Circle, and Razzaghi did not specify how Circle divided the total among partners.

Circle is also positioned for further growth. The Office of the Comptroller of the Currency, America’s main federal regulator for national banks, conditionally approved national trust bank charters for both Circle and Ripple. Circle CEO Jeremy Allaire has said businesses in Southeast Asia, Latin America, and the Middle East are leaning toward stablecoins for transactions, and Circle plans to expand into more emerging markets.

RLUSD’s New Partnerships Face a USDC-Dominated Market

Currently, USDC outperforms RLUSD in nearly every measurable way. For example, in the 24 hours leading up to October 18, USDC saw about $8.4 billion in trading volume, while RLUSD posted only about $58 million. This stark contrast highlights the difference in usage between the two tokens.

Ripple is working to lessen this gap through institutional deals. On October 15, Cross River Bank announced it integrated RLUSD into its core banking system, letting fintech clients access RLUSD alongside ACH transfers and real-time payments through a single software platform.

However, the service is available only in select U.S. states, and while the bank describes RLUSD as one of several options, its partnership with Ripple suggests an effort to broaden its stablecoin offerings.

Additionally, DriveWealth, which runs the trading and settlement systems used by numerous brokerage applications, reportedly plans to use RLUSD for trade settlements and client collateral funding, starting in Europe. Both companies are also exploring possibilities for stock-backed lending through Ripple’s prime brokerage unit, though official confirmations were still pending as of October 15.

Neutral Payment Networks and Missing Data Favor USDC

Major payment networks are also maintaining neutrality. Mastercard (NYSE: MA) and BVNK recently introduced a stablecoin account platform for banks and fintechs, without specifying which stablecoins it would support. This neutrality tends to benefit the issuer that has the most liquidity, which, in this case, is USDC.

Moreover, Ripple’s partnership data lacks key numbers needed to compare it with Circle’s $819 million. Neither Cross River nor DriveWealth disclosed details on settlement volumes, fees, or revenue-sharing arrangements, making it hard to compare Ripple’s position with Circle’s. Additionally, because Ripple is privately held, outsiders struggle to assess whether it can match Circle’s financial terms.

Can Ripple’s RLUSD Compete With USDC, and What About XRP?

For now, Ripple’s RLUSD is making strides through institutional partnerships, but USDC remains significantly larger and offers better partner support at a scale Ripple has yet to demonstrate. Additionally, RLUSD’s expansion doesn’t directly affect XRP’s price, since RLUSD users transact in dollars, not XRP, and XRP holders don’t benefit from Ripple’s reserve income. Over the past year, XRP has declined 44.7%.

However, XRP still receives a small benefit: each transaction on the XRP Ledger incurs a minor fee paid in XRP, and every account must maintain a small XRP reserve. The upcoming Ripple Swell conference on October 28 could shed light on this connection. If Ripple or DriveWealth announces any settlement flow that uses XRP as a bridge currency, it could strengthen XRP’s case. Otherwise, RLUSD-only transactions may limit XRP’s role to just generating ledger fees.

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