Ripple has recently minted 15 million new RLUSD tokens directly on the Ethereum blockchain, marking a notable spike in the stablecoin's activity amid growing cross-chain movement. This fresh issuance follows a burn of 15 million RLUSD on the XRP Ledger, signaling a dynamic balancing act between the two platforms.
RLUSD Activity Surges Across Chains
Within just one day, the Ripple ecosystem saw a 15 million RLUSD burn on its native XRP Ledger, while simultaneously minting 10 million RLUSD on Ethereum on July 29. Over the past week, the Ethereum-based RLUSD supply climbed past $712 million with 36.5 million tokens minted and 25.3 million burned, according to the Ripple Stablecoin Tracker. Meanwhile, the XRP Ledger continues to hold a larger circulating supply near $873 million, though it has experienced a net reduction as burn volumes outpaced minting by several million.
New Listings Boost RLUSD’s Reach
RLUSD's increased circulation comes alongside major exchange support. On July 28, Upbit, South Korea’s largest crypto exchange by volume and users, announced full support for RLUSD deposits, withdrawals, and trading pairs including KRW, BTC, and USDT on the XRP Ledger. This listing injects fresh liquidity and access for Korean investors, potentially driving demand and usage for Ripple's stablecoin.
As RLUSD gains traction on Ethereum and through exchanges like Upbit, the interplay between minting and burning across blockchains highlights Ripple's strategy of flexible supply management. The stablecoin's cross-chain presence could appeal to traders and institutions seeking diversified access points amid shifting market conditions.
This content is for informational purposes only and does not constitute financial advice.
