Ripple's RLUSD Supply Tops $2 Billion Across XRP (XRP) Ledger and Ethereum

Ripple Steps Up RLUSD Issuance

Ripple has continued to expand its RLUSD stablecoin at a rapid clip, with tens of millions of tokens minted across the XRP Ledger and Ethereum in recent days as the dollar-pegged asset pushes through the $2 billion market cap threshold. On Aug. 31, on-chain data shared by the Ripple Stablecoin Tracker account on X showed 11 million RLUSD minted at the RLUSD Treasury over a two-hour window. A separate transaction involving 11 million RLUSD was also recorded as burned at the treasury around the same time — the paired mint-and-burn mechanics Ripple uses to calibrate how much of the stablecoin sits in circulation at any given moment.

Ripple Stablecoin Trackerhttps://x.com/RL_Tracker/status/2094258538050728382

The dual-network issuance pattern has become a defining feature of RLUSD's rollout. Ripple, the San Francisco-based blockchain payments firm behind the token, issues and redeems RLUSD through treasury mechanisms on each network, scaling the float to match demand for dollar liquidity. Because RLUSD is designed to track the U.S. dollar one-to-one, mints add to circulating supply and burns retire tokens when redemptions or reserve rebalancing require it. Market trackers currently place combined RLUSD supply at roughly $2.35 billion, a level the stablecoin only reached in recent weeks. The development carries direct weight for the ledger native to XRP, Ripple's settlement asset, which is one of the two rails carrying the stablecoin's growth. Issuance on this scale also illustrates how stablecoins, unlike volatile crypto assets, expand or contract through operational treasury decisions rather than market price discovery.

The latest operations cap a heavy stretch of treasury activity. On Aug. 29, the tracker reported the minting of 15 million RLUSD at the treasury. A day earlier, the account logged a 20 million RLUSD mint on Ethereum, alongside additional issuances on both networks — including mints of 19.94 million and 19.99 million RLUSD on Ethereum and a 19.9 million RLUSD mint on the XRP Ledger. The cadence underlines how actively Ripple has been adjusting the stablecoin's supply across its two principal rails. The growth has also stacked up milestones. On Aug. 28, RLUSD's circulating supply on the XRP Ledger exceeded $1 billion — a scale at which the token becomes a practical quote and settlement asset for decentralized venues on XRPL, not just a bridge instrument. Ripple's own transparency page, whose supply and reserve figures are subject to monthly independent CPA attestations, reported $1.87 billion in circulating RLUSD and $1.98 billion in reserve funds as of Aug. 20. Those reserve disclosures matter because a fiat-backed stablecoin is only as credible as the assets behind it. Since Aug. 20, the overall supply has expanded further: trackers currently show roughly $1.31 billion on Ethereum against about $1.04 billion on the XRP Ledger, splitting the combined total about 56% to 44% in Ethereum's favor. The balance has shifted before — earlier in the summer, the XRP Ledger had briefly moved ahead of Ethereum in RLUSD supply, but by late August Ethereum had reclaimed the lead. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

What the Minting Means for XRPL

For the XRP Ledger — a Layer 1 network whose economic activity leans heavily on payments, decentralized exchanges, lending and other decentralized applications — RLUSD's expansion matters because stablecoin liquidity is the raw material for all of it. In COINOTAG's reading, the steady cadence of treasury mints signals that Ripple intends to keep scaling that liquidity rather than treating RLUSD as a finished product. The most recent dated step is the Aug. 31 minting window itself; beyond that, Ripple has given no timetable for when the next supply milestone might be crossed. The push also lands amid a wider tailwind for the XRP ecosystem, with XRP spot ETF inflows hitting record August levels.