Key takeaways
- Ripple issues 110.57 million RLUSD in single transaction
- Binance restores XRP withdrawals after historic security breach
- Stablecoin issuance follows $284 million XRPL supply contraction
Ripple issued approximately $110.57 million in RLUSD on the XRP Ledger as Binance expanded withdrawal services following its record $6.3 billion cryptocurrency hack, bringing two major developments in the XRP ecosystem into focus.
The transaction, recorded at approximately 20:43 UTC on November 2, involved 110,565,832 RLUSD issued through Ripple's stablecoin treasury, according to on-chain tracking cited by CoinEdition. The mint came shortly before Binance's November 3 recovery announcement, which included RLUSD withdrawals on the XRP Ledger and Ethereum.
However, the two developments have not been directly linked, and a large stablecoin mint does not necessarily represent equivalent new customer demand.
Ripple's $110M Mint Follows Major RLUSD Supply Decline
The issuance is particularly notable because it followed a sharp contraction in RLUSD circulating on XRPL just days earlier.
On October 30, approximately $284 million in RLUSD supply disappeared from the network, representing a 28.7% decline. Blockchain analysis identified substantial token returns to Ripple's issuer account, partially offset by new issuance.
The November 2 mint therefore came as XRPL's stablecoin supply was recovering from a significant reduction, rather than growing uninterrupted.
Large stablecoin issuances can reflect treasury adjustments, exchange inventory management or institutional settlement requirements. They do not independently prove that investors purchased an equivalent amount of RLUSD.
Ripple's recent institutional expansion nevertheless provides broader context, with new partnerships designed to expand stablecoin distribution and enterprise payments.
Binance Restores XRP and RLUSD Withdrawals After $6.3B Hack
Binance began restoring selected cryptocurrency withdrawals on November 1 before launching another phase on November 3, covering additional assets across nine blockchain networks.
The second phase included RLUSD on both XRP Ledger and Ethereum, allowing customers to regain access progressively as security checks were completed.
The restoration followed the October 29 Binance security breach, which began with approximately 233.46 million XRP, valued near $296 million, being transferred from five exchange wallets.
Investigators subsequently identified unauthorized transfers across multiple networks, bringing the total affected assets to approximately $6.34 billion.
Binance reported on November 4 that it had replenished 98% of affected token assets, while continuing to acquire less-liquid cryptocurrencies. The exchange also maintained that customers would not bear the resulting losses.
Nevertheless, restoring account backing did not immediately restore confidence. Binance recorded approximately $3.64 billion in net outflows during the first nine and a half hours after withdrawals resumed.
What the Developments Mean for XRP and RLUSD
The Binance attack also demonstrated an important distinction between XRP and Ripple's dollar-backed stablecoin.
Following the breach, Ripple reportedly froze $40.5 million in stolen RLUSD, using issuer-level restrictions to prevent the affected assets from moving.
Native XRP does not have equivalent issuer-controlled freezing functionality, meaning Ripple cannot independently immobilize stolen XRP held in external wallets.
Meanwhile, RLUSD transactions on XRPL require network fees paid in XRP, but these fees are typically small. Consequently, a $110.57 million stablecoin issuance does not imply a comparable increase in XRP demand.
