Ripple executed a treasury burn of $35.7 million in RLUSD tokens on the XRP Ledger (XRPL) this month, highlighting an exceptional pattern in the stablecoin’s on-chain activity. Over the past 30 days, the company issued $449.3 million worth of RLUSD directly onto its native XRPL blockchain.
Redemptions Drive Near-Total Monthly Burn
During the same period, institutional clients initiated a series of intense RLUSD redemptions, which quickly led to $448.9 million in tokens being burned. This process resulted in a monthly burn rate of 99%, pushing net RLUSD supply growth on XRPL close to zero.
Ripple is a blockchain technology company best known for its global payments network and the XRP digital asset. The firm’s RLUSD stablecoin is designed for efficiency in settlements, especially across multiple networks.
While RLUSD volumes showed dramatic daily fluctuations on XRPL, the Ethereum network exhibited slower but consistent accumulation, as most redemptions and burns were focused on Ripple’s native chain over the past month.
RLUSD Dynamics: XRPL vs. Ethereum
Capital flows through the XRP Ledger predominantly serve high-speed transactional purposes, with RLUSD tokens being frequently minted to facilitate settlements and swiftly burned when redeemed for fiat currencies. By comparison, the Ethereum version of RLUSD has become a hub for longer-term liquidity retention and decentralized finance (DeFi) activity.
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AAPLOver the last 30 days, Ethereum saw $403 million in RLUSD issued and $177.3 million burned, resulting in net inflows exceeding $225 million. This contrast sharply with XRPL’s highly dynamic but largely net-neutral token supply during the same interval.
The current overall supply of RLUSD in circulation is $1.757 billion. Liquidity is nearly equally split between the two blockchains: XRPL holds $883 million (50.2%) and Ethereum manages $874 million (49.8%).
| Network | RLUSD Circulating Supply | Share (%) |
|---|---|---|
| XRP Ledger | $883 million | 50.2% |
| Ethereum | $874 million | 49.8% |
Recent data indicates that institutional participants use XRPL infrastructure predominantly for real-time, high-volume conversions, moving capital in and out rapidly. In contrast, the Ethereum deployment of RLUSD has become the preferred vehicle for holding the token in the DeFi sector.
The removal of $35.7 million from circulation does not indicate waning interest in RLUSD, but rather reflects the operational reliance on XRPL for instant settlements while Ethereum acts as the network of choice for longer-term holding strategies.
These patterns reveal a dual-chain operating strategy for RLUSD. The recent burn mirrors Ripple’s approach to supply management across XRP Ledger and Ethereum, each supporting distinct liquidity needs for their respective user bases.
Such divisions in token utilization underscore the evolving nature of stablecoin adoption within both institutional finance and decentralized markets, as users gravitate toward infrastructure best suited to their specific needs.
