Ripple has continued expanding the supply of RLUSD, its US dollar-pegged stablecoin, by minting 10 million additional RLUSD tokens on the XRP Ledger blockchain. The move comes as on-chain activity for RLUSD shows a moderate slowdown so far in September, according to data from a tracker account dedicated to monitoring the asset.
RLUSD supply growth and recent activity
Throughout September, RLUSD’s on-chain movements have varied. On September 1, the XRP Ledger saw a major surge when $143.1 million RLUSD was minted and $7.2 million was burned. Recent days, however, have displayed far lower activity levels. For example, on September 10, no new RLUSD was minted on the XRP Ledger, while $1.5 million RLUSD was burned.
The following day, September 11, minting picked up again, with $21.9 million RLUSD added to the supply and $387,000 removed. Similar patterns appeared on Ethereum, where $0 RLUSD was minted and $15 million burned on September 10. On September 11, Ethereum saw $528,000 RLUSD minted and $4 million burned. These figures indicate that the decline in activity affects both the XRP Ledger and Ethereum blockchains.
| Date | XRPL Minted | XRPL Burned | Ethereum Minted | Ethereum Burned |
|---|---|---|---|---|
| September 1 | $143.1 million | $7.2 million | – | – |
| September 10 | $0 | $1.5 million | $0 | $15 million |
| September 11 | $21.9 million | $387,000 | $528,000 | $4 million |
Over the past week, $45.6 million RLUSD was minted and $22.8 million burned on the XRP Ledger. As a result, RLUSD’s circulating supply on XRP Ledger remains high, currently measured at $1,053,014,745.
Uniswap integration and ecosystem expansion
RLUSD has recently been paired with USDS on Uniswap V4’s Sparks Stablecoin FX Layer. In its first week on Uniswap, the RLUSD/USDS pair processed more than $600 million in trading volume, signaling growing liquidity and demand on decentralized exchanges.
Clearpool, a blockchain-based on-chain credit marketplace, is relocating its primary infrastructure from Ethereum to the XRP Ledger. Partnering with Cicada Partners, Clearpool is establishing an institutional credit fund aimed at providing financing for fintech and payment sector businesses. All settlements and disbursements for this initiative are being conducted exclusively in RLUSD.
Mini dictionary: Clearpool, a decentralized credit marketplace, allows institutional borrowers to access capital from liquidity providers without traditional intermediaries, leveraging blockchain technology for transparency and efficiency.
RLUSD issuance and regulatory framework
Launched in December 2024, RLUSD is issued by Standard Custody & Trust Company. The company operates as a subsidiary of Ripple and is regulated as a limited-purpose trust company under the authority of the New York State Department of Financial Services (NYDFS).
Ripple claims RLUSD takes a more rigorous regulatory approach compared to many other stablecoins. The stablecoin is backed by segregated reserves under strict NYDFS supervision, and Standard Custody provides ongoing independent attestations of these reserves. Additionally, the company operates under a trust charter and is seeking to introduce a federal trust charter as an additional regulatory layer in the future.
Ripple emphasizes that RLUSD operates with a trust charter model, segregated reserves, independent attestation, and active NYDFS supervision, aiming to set a higher standard for regulatory compliance among stablecoins.
