In Brief: Ripple expanded RLUSD issuance across Ethereum and XRPL, pushing combined supply beyond $2.35 billion through treasury minting and burning transactions. Ethereum holds 56% of RLUSD
Ripple has expanded RLUSD issuance across Ethereum and the XRP Ledger, lifting the stablecoin’s combined supply beyond $2.35 billion. Several large treasury transactions have driven this growth, while matching burns show Ripple actively managing circulating liquidity.
According to the Ripple Stablecoin Tracker on X, the RLUSD Treasury minted 11 million tokens on August 31. The tracker also recorded an 11 million RLUSD burn around the same period. Therefore, the transactions produced no immediate net increase. However, Ripple completed several larger mints across both supported networks during the preceding days.
On August 29, the treasury created 15 million RLUSD. Another operation produced 20 million tokens on Ethereum one day earlier. Additionally, Ethereum recorded separate mints involving 19.94 million and 19.99 million RLUSD. Ripple also issued approximately 19.9 million RLUSD through the XRP Ledger.
Collectively, these transactions increased available liquidity across both ecosystems. Minting does not always mean every token enters circulation immediately. Treasury operators may hold newly created tokens before distributing them. Likewise, burning removes tokens from the available supply when holders redeem them.
This process helps preserve RLUSD’s one-dollar value. Ripple can adjust issuance based on redemption activity, institutional demand, exchange requirements, and payment settlements.
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RLUSD’s circulating supply on the XRP Ledger exceeded $1 billion on August 28, with market trackers placing its allocation near $1.04 billion. Meanwhile, Ethereum holds approximately $1.31 billion worth of RLUSD, representing about 56% of the combined supply.
The XRP Ledger accounts for the remaining 44%, although XRPL briefly surpassed Ethereum in RLUSD supply earlier in the summer. However, larger Ethereum mints restored its leading position, while Ripple reported $1.87 billion in circulating RLUSD as of August 20.
Reserves reached approximately $1.98 billion, with independent accounting firms reviewing those figures through monthly attestations. These examinations provide information about RLUSD’s supporting assets, while supply estimates have increased by roughly $480 million since that report. Consequently, the expansion moved RLUSD comfortably beyond the $2 billion threshold.
Greater RLUSD availability may strengthen liquidity within the XRP Ledger. Users can access stable value without leaving the network. Moreover, stablecoin liquidity supports payments, decentralized exchanges, lending platforms, and institutional settlements.
Ethereum provides RLUSD with broad access to decentralized finance applications and established trading venues. Conversely, the XRP Ledger offers low-cost transfers, rapid settlement, and native decentralized exchange capabilities.
Ripple designed RLUSD for payment companies, cryptocurrency platforms, and financial institutions requiring a dollar-denominated settlement asset. Its presence across two networks allows operators to select infrastructure matching their transaction and liquidity requirements.
Meanwhile, the repeated mints and burns demonstrate active supply management rather than unrestricted token creation. Ripple’s next transparency report should provide updated circulation and reserve figures. Monthly attestations will remain important as the asset expands. RLUSD’s $2.35 billion supply now reflects growing activity across Ethereum and XRPL, supported by frequent treasury adjustments and network distribution.
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