Ripple Mints $200M RLUSD on XRPL, Burns $100M on Ethereum

Ripple recently minted $200 million worth of its RLUSD stablecoin on the XRP Ledger, while burning $100 million on Ethereum.

The recent transactions, which have renewed conversations within the XRP community, resulted in a massive supply shift for the Ripple USD (RLUSD) stablecoin on both the XRPL and Ethereum.

• Ripple recently minted $200 million worth of its RLUSD stablecoin on the XRP Ledger.
• This marked the largest RLUSD mint transaction on the XRPL in history.
• On the same day, Ripple burned $100 million worth of RLUSD on Ethereum.
• The recent transactions pushed RLUSD’s supply on the XRPL to $690 million, but reduced the supply on Ethereum to $1.06 billion.
• RLUSD now has a total cap of $1.75 billion, having had a net supply change of $190 million in the last week.

This is according to on-chain data sourced by the XRP community-driven RLUSD tracker. Specifically, at exactly 12:42 PM (UTC) on May 20, Ripple minted $200 million worth of RLUSD in a single transaction on the XRP Ledger.

💵💵💵💵💵💵💵💵 200,000,000 #RLUSD minted at RLUSD Treasury.https://t.co/uOtWEhnlO8

— Ripple Stablecoin Tracker (@RL_Tracker) May 20, 2026

This development marked an important milestone because it represented the largest single RLUSD mint transaction on the XRPL, surpassing the previous record of $92.3 million from April 1.

Shortly after the latest move, Ripple triggered a series of smaller mint transactions on the same day, with some of the most significant ones involving 30 million RLUSD at 12:45 PM, 5 million RLUSD at 5:51 PM, and 1.9 million RLUSD at 7:32 PM.

Overall, the payment firm, through its Standard Custody subsidiary, minted $245 million in RLUSD on the XRP Ledger on May 20, marking the largest RLUSD intraday mint in the network’s history.In contrast, it burned $57.9 million, bringing the net supply change to $187.3 million on that day.

In contrast, the Ethereum ecosystem witnessed an opposite trend on the same day. For context, at 8:01 PM on May 20, Ripple burned $100 million worth of RLUSD on Ethereum.

Interestingly, this marked the largest single RLUSD burn transaction on Ethereum, marginally surpassing the 99.9 million RLUSD burn recorded on April 1.

Notably, the transaction followed a series of smaller mints triggered by Ripple on the same day, including $1.99 million at 3:25 AM, another $1.99 million at 3:41 AM, $1 million at 07:06 AM, and $10.28 million at 10:15 AM. Overall, on May 20, Ripple minted 16.4 million RLUSD on Ethereum, but burned $107.2 million.

These transactions resulted in a massive supply shift for the RLUSD across its two native networks: XRPL and Ethereum. Specifically, on May 20, the XRP Ledger saw an addition of $187.3 million in RLUSD supply, while Ethereum recorded $90.8 million in outflows.

As a result, the RLUSD supply on the XRPL has expanded to $690 million, according to on-chain data. For context, this figure stood at around $300 million exactly two months ago, as of March 22. This means the RLUSD supply on XRPL has more than doubled in the last 60 days.

However, on Ethereum, the supply has shrunk. Notably, the RLUSD supply on Ethereum has dropped to $1.063 billion at press time. Some of the most notable intraday changes since April involve -$89.3 million on April 1, -$50.7 million on April 17, +$71.7 million on April 24, and now -$90.8 million on May 20.

Meanwhile, the overall RLUSD market cap has continued to increase over the past few days, jumping to the current figure of $1.753 billion across both networks. Over the past week, the Ripple stablecoin has seen a supply change of +$190 million, with most of this coming to the XRPL.