On-chain data shows that Ripple has burned up to $539 million worth of $RLUSD in the past 30 days, with most of these burns occurring on the Ethereum network.
The Ripple stablecoin, $RLUSD, has continued to record impressive growth since its launch in December 2024. Interestingly, recent developments suggest Ripple may be pivoting more toward the $XRP Ledger while reducing the stablecoin’s supply on Ethereum.
Ripple Burns 539M $RLUSD in 30 Days
According to data sourced by a community-driven $RLUSD tracker developed by validator Vet, Ripple has burned $539 million in $RLUSD since May 23, 2026, with burns outpacing mints by more than $129 million within this period.
Notably, most of these burns occurred from early to mid-June immediately after a significant $127 million mint on June 1.
Specifically, from June 2, Ripple went on an $RLUSD burning spree that lasted until June 12, representing nine consecutive days of intraday burns, the longest intraday burn streak since the December 2024 launch. It bears mentioning that these days also saw mints, but burns overshadowed them, leading to negative supply changes.
During this period, Ripple burned $226 million worth of $RLUSD tokens, with the largest single-day incineration involving $75.1 million on June 3. This day saw a net supply change of -$58.3 million for $RLUSD, as the payments company minted $16.8 million. The second-largest single-day burn involved $67.1 million on June 4.
After the June 2 to 12 spree, intraday activities alternated between net positive and negative supply changes. Before now, Ripple had already burned 196.6 million $RLUSD from May 27 to 29. These large transactions contributed to the $539.3 million figure for the past month.
A Pivot from Ethereum to XRPL
Interestingly, most of these large burns occurred on the Ethereum network in what appears to be a gradual pivot toward the $XRP Ledger.
Of the $539.3 million burned in the last 30 days, Ethereum accounted for $403.7 million, representing a 74.8% share. This is because the burn spree from June 2 to 12 largely played out in Ethereum, with the network seeing $75.1 million and $64.1 million in burns on June 3 and 4 alone.
While Ethereum recorded large burns, mint transactions did little to replenish the $RLUSD supply on the network. Specifically, Ripple only minted $182.8 million on Ethereum. This led to a net $RLUSD supply change of $220.9 million over a 30-day timeframe.
In contrast, the $XRP Ledger only witnessed $135.6 million in $RLUSD burns, with a single-day high of $114 million contributing to this. Interestingly, over the past 30 days, the XRPL has only witnessed seven intraday burns, accounting for just 25% of the total burn volume.
However, most of the mints within the last 30 days occurred on the XRPL, which saw $227.9 million of the total $410.7 million minted during this period, despite the $200 million record mint transaction occurring outside this window.
Following the latest activities, $RLUSD now boasts a market cap of $1.63 million. Of this figure, the XRPL now hosts $776 million, representing a 47% share. Meanwhile, $857 million resides on Ethereum, as the supply across both networks moves toward a balance.
