Ripple's RLUSD is Getting Bigger Fast

New Ethereum Mint Adds to a Busy Week of Treasury Activity

Ripple has minted 19.9 million RLUSD on Ethereum, according to the Ripple Stablecoin Tracker. The issuance is the latest in a string of large treasury operations that have defined the final days of August.

The move follows an 11 million RLUSD mint and a matching 11 million RLUSD burn recorded on August 31. Those paired transactions produced no net increase in supply on their own. CoinGecko placed RLUSD's total circulating supply and market capitalisation near $2.37 billion at the time of those earlier transactions.

Ripple has not disclosed the purpose or recipient of the latest 19.9 million issuance. As with prior mints, the transaction confirms that tokens were created at the treasury, but it does not confirm new investor demand or a completed issuance to an end customer. Treasury mints do not independently confirm circulation, customer demand, or completed issuance.

A Stablecoin That Has Grown Sharply in Under Two Years

The flurry of activity comes as RLUSD's broader growth trajectory draws attention. The stablecoin has crossed $2 billion in total supply in under two years, up roughly eightfold from the $250 million it held in April 2025. Supply is currently split across two main networks, with approximately $1.31 billion sitting on Ethereum and roughly $1.04 billion on the XRP Ledger.

Part of what makes raw mint figures difficult to interpret is how Ripple uses the XRP Ledger for institutional settlements. Institutional clients mint RLUSD for real-time settlement, and the moment the transaction clears, the tokens are redeemed and burned. The whole cycle can happen in seconds, which inflates gross issuance figures without necessarily moving net supply.

On the Ethereum side, the pattern has tended toward longer-term liquidity accumulation rather than rapid mint-and-burn cycles, which may explain why Ethereum's share of combined RLUSD supply has recently edged back ahead of XRPL.

RLUSD is fully backed 1:1 by cash and U.S. Treasuries held in segregated accounts at BNY Mellon, with monthly third-party attestations and oversight from the New York Department of Financial Services and the Dubai Financial Services Authority.

Sources:
Ripple mints 11M RLUSD as supply tops $2.3B (crypto.news)
Ripple's RLUSD Stablecoin Just Passed $2 Billion (Yahoo Finance)
Ripple Continues Massive RLUSD Minting Spree on XRPL (U.Today)