Ripple minted $133 million of RLUSD within a 24‑hour window that ended on Tuesday, marking the largest single‑day expansion of the stablecoin since its launch on the XRP Ledger and Ethereum in December. The influx lifts RLUSD’s circulating supply past the $200 million threshold, according to on‑chain data tracked by the XRP Ledger explorer. The price of XRP rose 1.1 % to $1.074 during the same period, driving its market capitalization to $67.2 billion and contributing to a 2.6 % weekly gain for the token. Trading volume on XRP pairs reached $975.9 million in the last 24 hours, as reported by CoinGecko.
| Metric | Value |
|---|---|
| RLUSD 24h Mint | $133 million |
| RLUSD Total Supply | $200 million |
| XRP Price | $1.074 |
| XRP Market Cap | $67.2 billion |
What Triggered the Move
The mint occurred in three distinct tranches between 06:00 and 18:00 UTC, each routed through Ripple’s treasury wallet before being distributed to partner exchanges. Market‑making firms active in the XRP/RLUSD order books on Bitstamp and Bullish absorbed the new supply within hours, according to traders who monitor the pairs. The bid stack on Bitstamp expanded by roughly 40 % during the Asian session, a pattern that historically precedes institutional on‑ramp activity. Ripple’s ODL corridors in Southeast Asia and the Middle East have been settling higher volumes since the start of Q3, creating natural demand for a dollar‑denominated asset that moves on the XRP Ledger's 3‑5 second finality.
How Desks Are Positioning
On‑chain analytics firm Kaiko notes that 68 % of the freshly minted RLUSD flowed to wallets associated with market‑making firms, while the remainder was directed to custodial addresses linked to Ripple’s liquidity hub partners. No corresponding burn appeared on Ethereum, indicating that the expansion is taking place natively on the XRP Ledger rather than as a cross‑chain rebalance. This distribution pattern suggests that the new supply is being absorbed by professional market participants rather than speculative retail investors.
The Regulatory Edge
Ripple’s ability to scale RLUSD without the regulatory overhang that constrained earlier test mints stems from a limited‑purpose trust charter granted by the New York Department of Financial Services in June. The charter classifies RLUSD as a regulated payment stablecoin, placing it in the same tier as Paxos‑issued BUSD and Circle’s USDC. This regulatory clearance removes previous constraints and enables the company to increase supply in line with growing institutional demand while maintaining compliance with reserve requirements.
The recent issuance doubles RLUSD’s circulating supply over the past 30 days. If the current pace persists, the stablecoin could breach the $500 million level by late October, which would position it among the top fifteen dollar‑pegged tokens by market size. The next critical checkpoint will be Ripple’s upcoming Q3 attestation, which will verify that the newly minted tokens are fully backed 1:1 by Treasury bills and cash equivalents as required by the trust charter. Confirmation of this backing will solidify market confidence, while any deviation could prompt a reassessment of the growth trajectory.
If the current issuance pace holds, RLUSD could breach $500 million by late October, positioning it among the top fifteen dollar‑pegged tokens and signaling Ripple’s transition to a production‑grade stablecoin.