San Francisco-based blockchain firm Ripple keeps ramping up the issuance of its RLUSD stablecoin. Tens of millions of tokens have been minted across the XRP Ledger and Ethereum in recent days as the dollar-pegged asset surpasses the $2 billion market-cap threshold.
According to data shared by the Ripple Stablecoin Tracker account on X, 11 million RLUSD was minted at the RLUSD Treasury over the past two hours on Aug. 31. A separate transaction involving 11 million RLUSD was also recorded as burned at the treasury around the same time.
The latest activity follows a series of large RLUSD treasury operations over the past several days, highlighting the pace at which Ripple has been adjusting the stablecoin's supply across its two principal networks.
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On Aug. 29, the tracker reported the minting of 15 million RLUSD at the treasury. A day earlier, the account reported a 20 million RLUSD mint on Ethereum. There were also additional issuances on both Ethereum and the XRP Ledger. Those transactions included 19.94 million and 19.99 million RLUSD mints on Ethereum and a 19.9 million RLUSD mint on the XRP Ledger.
More milestones
The issuance comes shortly after RLUSD crossed an important milestone on the XRP Ledger. On Aug. 28, the stablecoin's circulating supply on XRPL exceeded $1 billion.
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Ripple's own transparency page reported $1.87 billion in circulating RLUSD and $1.98 billion in reserve funds as of Aug. 20. Its supply and reserve figures are subject to monthly independent CPA attestations.
Since then, RLUSD's overall supply has expanded further. Market trackers currently place total RLUSD supply at roughly $2.35 billion, with approximately $1.31 billion on Ethereum and $1.04 billion on the XRP Ledger. That would put Ethereum at about 56% of the combined supply and XRPL at roughly 44%.
Earlier in the summer, the XRP Ledger had briefly moved ahead of Ethereum in terms of RLUSD supply. By late August, however, Ethereum had reclaimed the lead.
For the XRP Ledger, the growth of RLUSD is significant because stablecoin liquidity is closely tied to payments, decentralized exchanges, lending, and so on.
The minting spree shows Ripple's ongoing effort to scale RLUSD liquidity.
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