Ripple Mints $30 Million in RLUSD in a Single Day
On August 17, Ripple minted $30 million in RLUSD within a single day through two separate transactions. The first transaction settled at 03:21 UTC for $10 million and the second followed later that same day at 08:56 UTC for $20 million. As of this date, CoinGecko reported approximately 1.711 billion RLUSD tokens in circulation with a market capitalization of $1.71 billion and daily trading volume around $58 million. The data suggests that Ripple's XRP Ledger is being used primarily for rapid institutional settlement rather than long-term liquidity storage, as evidenced by the near 99% burn rate over the preceding month. In contrast, Ethereum has seen a net inflow of more than $225 million in RLUSD due to lower burn rates. Launched just under nine months ago, RLUSD is now one of the largest regulated US dollar-backed stablecoins with reserves exceeding circulating supply and backed by cash equivalents and short-term U.S. Treasuries.
Tickers: $XRP
Topics: Ethereum Ripple RLUSD token minting/burning XRP Ledger