RLUSD has now crossed the $2.5 billion valuation mark, as Ripple mints $790 million worth of the stablecoin in a month.
While XRP and the broader crypto market have struggled this year, the Ripple stablecoin, RLUSD, has continued to grow in valuation, as the company ramps up minting amid increased adoption and investor demand.
Ripple Mints $790M, Burns $638M
According to data provided by a community-driven RLUSD supply tracker, Ripple has minted $790 million worth of the stablecoin over the past 30 days across both the Ethereum network and the XRP Ledger.
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.