Ripple's RLUSD minting spree pushes total supply past $2B

Ripple keeps ramping up issuance of its RLUSD stablecoin. Tens of millions of tokens have hit the XRP Ledger and Ethereum over the past several days, and the combined supply has pushed past $2 billion, U.Today reported.

The pace shows up clearly in treasury activity tracked by the Ripple Stablecoin Tracker account on X. On August 31, the tracker logged an 11 million RLUSD mint at the RLUSD Treasury within a two-hour window, with a separate 11 million RLUSD burned at the treasury around the same time. Two days earlier, the tracker recorded a 15 million RLUSD mint. The day before that, Ethereum absorbed a 20 million RLUSD mint plus two more issuances of 19.94 million and 19.99 million, while the XRP Ledger took in a 19.9 million RLUSD mint of its own.

That same day, August 28, RLUSD's circulating supply on the XRP Ledger alone crossed $1 billion for the first time. Ripple's own transparency page put circulating RLUSD at $1.87 billion against $1.98 billion in reserve funds as of August 20, figures the company backs with monthly independent CPA attestations.

• Aug 31: 11M RLUSD minted at treasury (2-hour window), 11M RLUSD burned at treasury same day
• Aug 29: 15M RLUSD minted at treasury
• Aug 28: 20M + 19.94M + 19.99M RLUSD minted on Ethereum; 19.9M RLUSD minted on XRP Ledger
• Current split: ~$1.31B on Ethereum (~56% of total), ~$1.04B on XRP Ledger (~44% of total)
• Combined RLUSD supply: roughly $2.35B across both networks

Market trackers now put total RLUSD supply at roughly $2.35 billion, split about $1.31 billion on Ethereum and $1.04 billion on the XRP Ledger, a 56-44 lead for Ethereum. That lead is recent: the XRP Ledger briefly edged ahead of Ethereum in RLUSD supply earlier in the summer before Ethereum reclaimed the top spot by late August.

The split matters more for XRPL than the raw numbers suggest. Stablecoin liquidity on a ledger feeds directly into payments volume, decentralized exchange depth, and lending capacity, so every dollar of RLUSD that lands on XRP Ledger strengthens that side of the network even while Ethereum holds the larger share. It's also one of the pillars behind the broader case that a financial stack is forming around XRP, where RLUSD liquidity, institutional access, and on-chain lending are meant to reinforce each other. Whether that thesis holds depends less on any single mint than on Ripple keeping this pace consistent across both networks over months, not days.

Nothing here should be taken as financial advice — just information to consider.