Ripple’s stablecoin treasury is moving tens of millions of dollars across the XRP Ledger and Ethereum as RLUSD holds near a $2.4 billion market capitalization.
The Ripple Stablecoin Tracker flagged a new mint of exactly 14,394,224 RLUSD at the RLUSD Treasury on the XRP Ledger. The transaction came shortly after a separate 10 million RLUSD burn on XRPL, while a subsequent Ethereum transaction removed another 15 million RLUSD from treasury supply.
Taken together, the three transactions represent about $39.4 million of mint-and-burn activity over only a few days.
That does not mean Ripple suddenly added $39.4 million to circulating supply. Minting and burning can reflect issuance, redemptions and treasury liquidity management, and Ripple does not publicly identify the customer or purpose behind each transaction.
XRP Ledger Gets Fresh RLUSD Supply
The chain used for the latest mint is notable.
Ethereum recently held roughly $1.38 billion of RLUSD, compared with around $1.03 billion on XRPL, leaving a gap of about $350 million. That imbalance was highlighted after RLUSD increasingly shifted toward Ethereum.
The new XRP Ledger mint does not erase that lead, particularly because treasury issuance and redemptions continue on both chains. But it shows that XRPL remains an active issuance venue even while Ethereum carries the larger share of supply.
RLUSD’s overall market capitalization stood near $2.40 billion on Sept. 11, compared with roughly $2.26 billion at the beginning of September. Daily trading volume was approximately $114 million.
Ripple Pushes RLUSD Deeper Into Institutional Finance
The treasury activity also lands just after Ripple published a new institutional guide emphasizing RLUSD’s regulatory structure.
Ripple says RLUSD is backed 1:1 by cash and permitted cash equivalents, held in segregated reserves, with redemption rights and regulatory oversight. Institutions can mint and redeem the stablecoin through Ripple Mint.
That regulated positioning has become a central part of Ripple’s broader RLUSD institutional push, particularly as the company expands stablecoin use across payments, custody, tokenization and lending.
The important distinction is that a treasury mint alone is not proof of new end-user demand. Earlier RLUSD activity has shown how quickly newly created tokens can be burned again when customers redeem them or liquidity is rebalanced.
In August, for example, roughly $449.3 million of RLUSD was minted on XRPL over a 30-day period while approximately $448.9 million was burned, according to tracker data, almost a one-for-one turnover.
