Ripple Accelerates RLUSD Issuance to $2 Billion Market Cap

Ripple has been ramping up the issuance of its RLUSD stablecoin on both the XRP Ledger and Ethereum. Over the past few days, tens of millions of tokens have been minted, with a staggering total market capitalization exceeding $2 billion.

According to data from the Ripple Stablecoin Tracker account, 11 million RLUSD was minted at the RLUSD Treasury over the past two hours on August 31. A separate transaction involving 11 million RLUSD was recorded as burned at the treasury around the same time.

The latest activity follows a series of large RLUSD treasury operations over the past several days, highlighting the pace at which Ripple has been adjusting the stablecoin's supply across its two principal networks. On August 29, the tracker reported the minting of 15 million RLUSD at the treasury. A day earlier, the account reported a 20 million RLUSD mint on Ethereum.

The RLUSD supply has expanded further since August 20, when Ripple's own transparency page reported $1.87 billion in circulating RLUSD and $1.98 billion in reserve funds, subject to monthly independent CPA attestations. Market trackers currently place total RLUSD supply at roughly $2.35 billion, with approximately $1.31 billion on Ethereum and $1.04 billion on the XRP Ledger.