Ripple has ramped up mint activity around its proprietary stablecoin $RLUSD in July, deploying over $200 million on the XRPL within two days.
A few days after rebalancing $RLUSD supply between the $XRP Ledger and Ethereum, the two native networks supporting the stablecoin, Ripple has started increasing issuance more aggressively on the $XRP Ledger as July begins.
In just the first two days of July, Ripple minted a total of $291.6 million worth of $RLUSD across the $XRP Ledger and Ethereum.
Of this amount, about $225.8 million, which represents roughly 77%, was issued on the $XRP Ledger, according to data from a community-driven $RLUSD tracker built by XRPL validator Vet.
$RLUSD Mint Activities
On-chain data shows that the minting activity started with 11 million $RLUSD issued on the $XRP Ledger at 3:41 PM UTC on July 1. Shortly after, Ripple carried out smaller transactions ranging from $600K to $995K, all within a short 13-minute window.
Later that same day, the firm minted $65.3 million on XRPL at 8:02 PM UTC, followed by another $78.85 million about an hour later. The $78.85 million mint represents the largest single $RLUSD issuance across all networks since the $200 million minted on XRPL on May 20.
Ripple then moved a portion of the mint volume to Ethereum on July 2. As the day came to an end, the blockchain firm began burning part of the supply on XRPL, indicating that it was adjusting supply levels across both networks.
Daily $RLUSD Mint and Burn Volumes
Overall, on July 1, Ripple minted a total of $169.8 million in $RLUSD and burned just $150K. Interestingly, almost all the mint volume, about $169.5 million, took place on the $XRP Ledger, while the entire $150K burn happened on Ethereum.
Meanwhile, on July 2, Ripple minted $121.8 million and burned $68.1 million. Of this volume, it minted $56.3 million on the XRPL but burned slightly more at $58.1 million. In contrast, Ethereum saw $65.5 million worth of mints with $9.9 million in burns, leading to stronger net growth for the day.
Across both days combined, Ripple minted $291.6 million and burned $68.25 million. From this total, the $XRP Ledger saw $225.8 million in mints and $58.1 million in burns, leading to a net increase of $167.7 million. Ethereum recorded $65.8 million in mints and $10.05 million in burns, resulting in a net increase of $55.75 million.
However, further data confirms that much of the supply added on XRPL appears to be replacing tokens that Ripple redeemed earlier toward the end of June.
Specifically, on June 30, Ripple burned about $146.3 million worth of $RLUSD on the $XRP Ledger. After accounting for mints that day, this led to a net supply change of -$136.1 million.
Over the past seven days, Ripple has burned $205.8 million in $RLUSD on XRPL while minting $246 million.
Current $RLUSD Supply Distribution
After these recent minting and burning activities, the total $RLUSD supply across both networks now stands at $1.634 billion. Out of this, $844.5 million, or 51.7%, resides on the $XRP Ledger, making it the slightly larger share.
Ethereum holds $789.83 million, which represents about 48.3% of the total supply. This shows that Ripple continues to support both networks, even though recent activity has leaned more toward XRPL.
