According to the Ripple Stablecoin Tracker account on X, Ripple has minted 12 million units of its RLUSD stablecoin over the past 24 hours. This is after a long period of no activity of which no new RLUSD tokens were added to the supply since May.
When minting happens, it means new tokens are being created and added to the total supply. This usually happens when there’s no need for more RLUSD in the market, probably due to the demand on exchanges. It’s like printing money, but on blockchain. But this is not done randomly, it is done often after a long burn.
The last minting was reported when the Treasury created two different batches on May 14 containing 999,999 RLUSD and 3,000,000 later the day. In April, the Ripple Treasury created three large batches totaling 38 million RLUSD within a single day.
RLUSD is a stablecoin and is pegged to the US dollar at a 1:1 ratio. The stablecoin is primarily issued on the Ethereum blockchain. It’s designed to always be worth $1, which makes it useful for fast payments, trading, and moving money without any impactful price swings. Ripple created it to give people a stable way to use crypto.
As of now, RLUSD has a total supply of 425 million coins, but this is just starting to rise. Around 70% of RLUSD is on Ethereum, with the rest on Ripple’s own XRP Ledger.
The largest significant surge in trading volume was in May when RLUSD trading volume jumped by over 200 after minting. Now, after this mint, trading volume has surged by 30% to $179 million in the last 24 hours.
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