USDT’s grip on Asia-Pacific stablecoin payments loosens to 91%

What the Numbers Show

Ripple commissioned the report, and CoinDesk Research published it on September 15, 2026. Updates on RLUSD's growth followed through early October 2026. The headline finding is about geography. Asia-Pacific accounted for 51.2% of global identified stablecoin payment volume in the dataset, totaling $30.9 billion.

The Compliance Pitch

The research frames USDT's slide as part of a broader diversification. Institutions, it argues, increasingly favor stablecoins that emphasize compliance, transparency and regulatory integration, rather than choosing based on liquidity alone. RLUSD is pitching a different value proposition. The Ripple-issued stablecoin gained regulatory clearance in Japan as a new electronic payment instrument. It is now distributed through SBI VC Trade. One caveat worth flagging: the report was commissioned by Ripple, the company behind RLUSD. That does not invalidate the data, but readers should weigh the framing around compliance-focused stablecoins with that relationship in mind. The research also does not specify how much of USDT's lost share went to RLUSD specifically versus other alternatives.

What this Means for the Stablecoin Market

Investors and traders should watch three things. First, whether the non-USDT share keeps growing in future data or stalls near current levels. Second, whether RLUSD and similar tokens secure approvals in other Asia-Pacific jurisdictions beyond Japan. Third, whether the B2B share of volume rises, which would suggest corporates are leaning further into stablecoin rails.