Ripple has facilitated significant transfers of its stablecoin RLUSD across both the XRP Ledger and Ethereum networks as the asset’s market capitalization approaches $2.4 billion.
RLUSD Mint and Burn Activity Increases
The Ripple Stablecoin Tracker recently identified a mint of precisely 14,394,224 RLUSD at the RLUSD Treasury on the XRP Ledger. This mint followed the burning of 10 million RLUSD on the same ledger. Shortly after, another 15 million RLUSD was removed from the RLUSD supply on Ethereum.
Combined, these three transactions accounted for $39.4 million in RLUSD-related activity in just a few days. Such mint-and-burn cycles reflect Ripple’s management of its stablecoin issuance and treasury liquidity, rather than a direct increase in circulating supply. The company does not publicly disclose details about the origin or specific purpose of each transaction supporting RLUSD movement.
The series of RLUSD mint and burn transactions on both XRP Ledger and Ethereum represented approximately $39.4 million within a short period, highlighting Ripple’s dynamic treasury management approach.
As of the latest figures, Ethereum held about $1.38 billion worth of RLUSD, while the XRP Ledger carried approximately $1.03 billion. This created a difference of roughly $350 million between the two networks, with recent activity showing RLUSD increasingly shifting toward Ethereum.
| Network | RLUSD Supply |
|---|---|
| Ethereum | $1.38 billion |
| XRP Ledger | $1.03 billion |
Although the new RLUSD mint on the XRP Ledger narrowed this gap slightly, Ethereum continues to hold the majority of RLUSD’s supply. Ongoing treasury transactions on both blockchains indicate active liquidity management from Ripple as market conditions evolve.
The market capitalization of RLUSD stood close to $2.40 billion as of September 11, up from roughly $2.26 billion at the beginning of the month. Daily trading volume registered approximately $114 million, demonstrating RLUSD’s growing presence in stablecoin markets.
Ripple Advances Regulatory Compliance and Institutional Use
This period of treasury activity followed Ripple’s release of a new guide for institutional clients, spotlighting RLUSD’s regulatory framework. Ripple, a technology company specializing in enterprise blockchain solutions and digital payments, highlighted in its materials that RLUSD is fully backed 1:1 by cash and approved cash equivalents, with assets held in segregated reserves. The company says institutions can directly mint and redeem RLUSD through Ripple Mint and benefit from redemption rights and oversight under established regulations.
Ripple’s recent messaging underscores its ambitions for RLUSD as a central component in payments, tokenization, lending, and custody services aimed at financial institutions. These compliance-focused efforts reflect the broader push among major stablecoin issuers to differentiate themselves as regulatory scrutiny intensifies worldwide.
Still, Ripple’s team has clarified that treasury minting reflects internal liquidity needs rather than direct retail or institutional demand. Data from August showed that roughly $449.3 million of RLUSD was minted on the XRP Ledger over a 30-day period, while about $448.9 million was burned within the same timeframe, resulting in an almost exact turnover of supply.
The company’s approach to stablecoin management involves frequent adjustments to ensure sufficient market liquidity and a balance between XRPL and Ethereum-based reserves, as RLUSD continues being adopted for institutional applications.
Mini dictionary: RLUSD is Ripple’s US dollar-backed stablecoin, managed across the XRP Ledger and Ethereum networks. It aims to provide high liquidity and regulatory compliance for institutional finance, allowing minting and redemption on multiple chains.
