Ripple treasury mints 30 million RLUSD in a single transaction, tracker shows
In brief
- Ripple Stablecoin Tracker logged a 30 million RLUSD mint in one transaction, U.Today reported.
- RLUSD market cap stood near $2.53 billion as of Oct. 7, per CoinGecko data.
- U.Today counted 59.5 million RLUSD minted across Sept. 21 and Sept. 22.
- Ripple's treasury also burned 29.85 million RLUSD in two transactions on Sept. 22.
- Mints don't equal permanent supply growth; RLUSD is minted and burned for issuance and redemption.
What the tracker showed
The 30 million RLUSD mint landed on the RLUSD Treasury in one transaction, per the Ripple Stablecoin Tracker. U.Today's report doesn't name a customer behind it. It doesn't give a reason for the mint either.
What we do have is size. RLUSD's market cap sat at around $2.53 billion as of Oct. 7, according to CoinGecko data cited by the outlet.
A busy September for the treasury
U.Today tracked several large mints in September. On Sept. 21, the treasury minted 20 million RLUSD, then added another 20.5 million later that day (40.5 million in reported issuance for the day). Another 19 million followed on Sept. 22, which brought the two-day figure to 59.5 million RLUSD by the outlet's count.
Tokens went the other way too. On Sept. 22, the treasury burned 14.9 million and 14.95 million RLUSD in two transactions, or 29.85 million combined.
Earlier in the month, activity on the XRP Ledger ran higher. U.Today reported a 10 million RLUSD mint in a single transaction on Sept. 11, with total XRP Ledger minting that day at around 21.9 million tokens, and roughly 143.1 million RLUSD minted on the ledger on Sept. 1.
Mints aren't the same as supply growth
That's the caveat worth keeping in mind.
U.Today cautioned that mint figures don't necessarily represent a permanent increase in circulating supply, since Ripple regularly mints and burns RLUSD during issuance and redemption. Per Ripple's documentation, institutional customers obtain RLUSD by depositing fiat; when they redeem, the tokens are burned and the fiat goes back to them.
So a 30 million mint doesn't tell you much about net supply on its own. Burns can offset it, and the Sept. 22 transactions (19 million minted, 29.85 million burned the same day) show how quickly both sides of that ledger move.
Frequently asked questions
Does a 30 million RLUSD mint mean circulating supply grew by 30 million?
Not necessarily. U.Today cautioned that mint figures don't necessarily represent a permanent increase in circulating supply, because Ripple regularly mints and burns RLUSD during issuance and redemption. On Sept. 22, for example, the treasury burned 29.85 million RLUSD in two transactions.
How is RLUSD issued and redeemed?
Per Ripple's documentation, institutional customers obtain RLUSD by depositing fiat. When RLUSD is redeemed, the tokens are burned and the fiat is returned to the customer.
