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XRP 
RLUSD Ripple's stablecoin vault has transferred tens of millions of dollars between XRP Ledger and Ethereum, and the market value of RLUSD is close to US$2.4 billion.
Ripple's stablecoin vault has recently transferred tens of millions of dollars in assets on XRP Ledger (XRPL) and Ethereum networks. As RLUSD's market value approaches US$2.4 billion, its market dynamics continue to attract attention.
Large-scale casting and destruction activities attract attention
Ripple stablecoin tracking data shows that the RLUSD vault address on XRP Ledger has just completed a new casting transaction with an accuracy of 14,394,224 RLUSD. This operation followed the subsequent destruction of 10 million RLUSDs, followed by a transaction on the Ethereum chain that removed another 15 million RLUSDs from the treasury supply.
Taken together, these three transactions represent a "founding-destroy" activity of approximately US$39.4 million in just a few days. However, this does not mean that Ripple suddenly injected $39.4 million in new supply into the circulation market. Foundry and destruction may reflect multiple circumstances such as issuance, redemption, and treasury liquidity management, and Ripple has not publicly disclosed the identity of the customer behind each transaction or the specific purpose.
XRP Ledger gets fresh RLUSD supply
The chain used in this latest casting is iconic. Previously, the RLUSD balance held on Ethereum was approximately US$1.38 billion, while the XRPL was approximately US$1.03 billion, a gap of approximately US$350 million between the two. As RLUSD gradually tilted towards Ethereum, this imbalance has attracted widespread attention.
Although the new XRP Ledger casting operation has not eliminated Ethereum's lead in total supply-as treasury issuance and redemption activity continues on both chains-it suggests that even if Ethereum occupies a larger share of supply, XRPL is still an active stablecoin issuance channel.
As of September 11, the overall market value of RLUSD was approximately US$2.40 billion, up from approximately US$2.26 billion at the beginning of September. Trading volume on the day was approximately US$114 million.
RLUSD delves deep into institutional finance
This treasury event coincides with Ripple's release of a new institutional guide that highlights RLUSD's regulatory architecture. Ripple pointed out that RLUSD is fully backed by cash and allowed cash equivalents on a 1:1 ratio, with funds placed in segregated reserve accounts, with redemption rights and subject to regulatory supervision. Institutional users can cast and redeem RLUSD through the Ripple Mint platform.
This compliance positioning has become a core part of Ripple's broader RLUSD institutional promotion strategy. Compliance becomes particularly important as the company expands the use of stablecoins in areas such as payments, custody, tokenization and lending.
It needs to be clear that vault casting alone cannot prove the growth of end-user demand. Early RLUSD activity data shows that when customers redeem tokens or rebalance liquidity, newly created tokens may be quickly destroyed. For example, tracking data shows that approximately 449.3 million RLUSDs were minted on XRPL in August, while approximately 448.9 million were destroyed in the same 30-day cycle, showing a nearly one-to-one turnover rate.
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