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XRP 
RLUSD The large-scale minting and destruction of RLUSD has attracted attention
The transaction was originally marked by the Ripple Stablecoin Tracker, a platform that specifically tracks the minting and destruction of RLUSD on the chain. Currently, the market value of RLUSD is estimated to be approximately US$2.5 billion, a significant increase from the US$2 billion breakthrough in August. However, this new casting operation should not be automatically interpreted as an increase of US$3 billion in circulating supply.
Ripple is conducting a large-scale minting and destruction of RLUSD
The latest transaction follows several large mints in September. On September 21, the RLUSD treasury minted 20 million and 20.5 million RLUSD respectively. An additional 19 million coins were minted the next day (September 22), bringing the total reported issuance over the two days to US$59.5 million.
At the same time, Ripple is also performing token destruction operations. Two transactions on September 22 destroyed approximately 29.85 million RLUSDs, highlighting the rapid changes in supply in both directions. This distinction is crucial. Ripple's official documents state that institutional customers need to deposit U.S. dollars before casting RLUSD in equal amounts; when customers convert RLUSD back to U.S. dollars, the corresponding tokens will be destroyed. As a result, the $30 million cast volume may represent customer issuance or treasury management needs rather than a permanent $3 billion increase in liquidity.
RLUSD has become the main dollar asset on XRPL
Despite these details, the broader trend is clear: Ripple's stablecoin business is expanding rapidly. Recent reserve data shows that RLUSD in circulation exceeds US$2.4 billion, backed by approximately US$2.53 billion in reserve assets.
Growth was particularly strong on XRP Ledger (XRPL). XRPL's total stablecoin supply has recently reached nearly US$1.3 billion, of which RLUSD accounts for approximately 93% of the network's dollar-linked assets. This mobility is increasingly integrated into Ripple's other institutional strategic areas. RLUSD is being integrated into credit markets, income products and settlement infrastructure, and Ripple has also developed Ripple Mint specifically to allow institutions to programmatically issue and redeem RLUSD.
For XRP, this relationship is indirect but important. RLUSD transactions performed on XRPL still require XRP to pay network fees, and increased dollar liquidity helps support transactions and financial activities on the ledger. Previous on-chain analysis found that RLUSD is expanding overall activity rather than simply replacing XRP.
