Most of this supply activity started last week, as minting activity picked up on Sept. 17 and has remained high since then. Notably, since Sept. 17, Ripple has deployed $419 million worth of $RLUSD on Ethereum and the XRPL, over 53% of the 30-day total.
However, despite the increased activity, intraday mint figures have remained mostly below $50 million, with occasional spikes on certain days, such as $76.3 million on Sept. 21 and $130.3 million on Sept. 25.
Before this renewed daily activity, Ripple minted a massive $153.2 million in $RLUSD on Sept. 1, the largest single-day mint in the past 30 days.
Besides these mints, Ripple has also burned a substantial amount of $RLUSD in the past 30 days, though net supply change has been positive. Within the same period, the firm has burned $638 million in $RLUSD, bringing the net supply change over the last 30 days to $152 million.
$RLUSD Surpasses $2.5B
Amid this recent supply growth, the $RLUSD stablecoin has now surpassed the $2.5 billion mark in terms of existing valuation, as it continues its push to become a top 5 stablecoin.
At press time, $RLUSD now boasts a market cap of $2.521 billion, up from $2.369 billion a month ago. This currently makes it the eighth-largest stablecoin in the market. The recent $2.5 billion milestone comes a little over a month after $RLUSD crossed the $2 billion milestone on Aug. 26.
This means $RLUSD has added over $500 million to its market cap within five weeks. This $2.5 billion milestone also comes 21 months after the launch of the stablecoin in December 2024. If $RLUSD maintains this pace, it could cross the $3 billion mark before it clocks 2 years by the end of this year.
Ethereum Maintains Lead Over XRPL
Further data shows that the Ethereum network has maintained its lead over the $XRP Ledger as the network with the larger $RLUSD supply, boasting a supply of $1.396 billion, which is $272 million larger than the $1.124 billion residing on the XRPL.
Ethereum has maintained its lead despite XRPL seeing more supply activity over the past 30 days. Specifically, of the $790 million minted within this period, about $470 million has been deployed on the $XRP Ledger. Meanwhile, Ethereum has only seen about $315 million.
However, the XRPL has also recorded higher burns than Ethereum, which has balanced the equation. Notably, within the past 30 days, Ripple has burned $395.7 million worth of $RLUSD on XRPL, but only $242.3 million on Ethereum. This translates to about a +$72 million net supply change on each network in the last 30 days.
