Ripple USD (RLUSD) stablecoin has officially overtaken Bitcoin SV (BSV) at the CoinMarketCap top, claiming 116th place with a market capitalization of $557.7 million. A new dollar-backed stablecoin has overtaken what was once positioned as a continuation of Satoshi Nakamoto's original vision for Bitcoin — a shift of significance that is hard to overestimate.

BSV, now at 117, has struggled following a 4.45% drop over the last 24 hours, whereas RLUSD has remained stable at $1.00, as it should be for USD stablecoin. But beyond price, the numbers paint a broader contrast — Ripple stablecoin saw over $512 million in 24-hour trading volume — nearly nine times more than BSV's $58 million. 

Again, with a market cap of $557.7 million, that is a 91.9% ratio to volume, which highlights an absolutely abnormal market engagement level.

This comes just two weeks after RLUSD crossed the half-billion market cap mark. It is now the eighth largest stablecoin overall and also ranks eighth among USD-pegged stablecoins specifically — a segment with a combined value of roughly $227 billion.

Demand for Ripple USD is palpable. The reserves backing it are now being custodied by BNY Mellon, the oldest bank in the United States and one of the largest in the world, with over $2 trillion in assets under management.

Nonetheless, forecasts remain conservative. According to Bloomberg, JPMorgan views the $2 trillion stablecoin market projection by 2028 as overly ambitious, citing underdeveloped infrastructure. The bank expects growth to double or triple from today's figure.

For Ripple and its stablecoin, even such conservative projections may be enough to continue growing market presence and take the biggest share of the stablecoin "pie."