Ripple Mints $30M RLUSD on XRP Ledger in 5 Hours

Ripple appears to have ramped up minting of its proprietary stablecoin RLUSD on the XRP Ledger after a period of relatively low activity.

According to data from RL Tracker, a community-driven RLUSD tracker, the company minted $30 million worth of RLUSD on the XRP Ledger in two transactions within five hours on Aug. 17.

The first transaction came at 03:21 UTC, when Ripple minted $10 million in RLUSD. A little over five hours later, at 08:56 UTC, the company followed with another $20 million mint.

The latest activity comes three days after Ripple followed a similar pattern on the XRPL.

On Aug. 14, the company minted $10 million in RLUSD at 20:00 UTC before adding another $20 million at 20:52 UTC, less than an hour later. Overall, these transactions mean Ripple has minted $60 million worth of RLUSD on the XRP Ledger since Aug. 14.

While Ripple has continued to deploy RLUSD to the XRP Ledger, it has not recorded any burns on the network during this period. Instead, the recent burns have taken place on Ethereum.

For instance, Ripple burned $10 million in RLUSD on Ethereum at 03:19 UTC on Aug. 17, only two minutes before it minted $10 million on the XRPL at 03:21 UTC.

Later on, the company burned another $5 million in RLUSD on Ethereum at 05:14 UTC. Interestingly, this transaction came nearly four hours before Ripple minted $20 million on the XRPL at 08:56 UTC.

However, despite the recent rise in XRPL-focused mints, Ethereum has recorded the stronger net increase in RLUSD supply over the past 30 days. RL Tracker data puts the overall RLUSD supply at $1.731 billion at press time, showing continued growth across both networks.

On Ethereum, Ripple has minted $379 million in RLUSD over the past 30 days while burning $176 million. This leaves the network with a net increase of $203 million.

Much of this minting came last week, with Aug. 14 standing out in particular. Ripple minted $110 million in RLUSD on Ethereum that day, while burning just $5 million.

The XRP Ledger has seen even more total minting over the same 30-day period, but burn activity within this period has overshadowed these mints.

Specifically, Ripple minted $409 million in RLUSD on the XRPL but burned $412 million, leaving the network with net growth of –$3 million. Large burns toward the end of July and again in mid-August played a major role in producing this figure.

Despite the negative net growth, the XRPL still holds more RLUSD than Ethereum. Of the $1.731 billion total supply, $879.499 million in RLUSD sits on the XRP Ledger, compared with $851.518 million on Ethereum.