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XRP 
RLUSD Ripple's RLUSD dynamics on XRP Ledger: An unusual balance
In the past month, the issuance and destruction of Ripple's dollar-backed stablecoin RLUSD on XRP Ledger has seen remarkable developments. The latest data shows that the activity pattern for the month is extremely rare, with a token destruction of up to $35.7 million being particularly prominent. During the same period, RLUSD issuance reached US$449.3 million, almost in balance.
What are the driving forces behind the 99% destruction rate?
A large number of redemption transactions by institutional customers drove the large-scale destruction of RLUSD, with a destruction amount of US$448.9 million over the same time period. As a result, the gap between circulation and destruction on XRP Ledger almost disappeared, with the destruction rate reaching a staggering 99% that month. This suggests that the net supply growth on XRP Ledger is almost negligible. These data further highlight significant differences in cross-chain use patterns in ecosystems.
In the past 30 days, US$449.3 million of RLUSD was issued on XRP Ledger and US$448.9 million was destroyed, bringing net supply growth to almost zero.
What is the difference in how Ethereum is used?
Ripple, known for its cross-border payments and digital asset infrastructure, shows that while maintaining similar amounts of liquidity on the two networks, its use is vastly different. Funds typically flow into XRP Ledger for quick transfers and instant corporate settlements. During this process, tokens are issued and destroyed immediately after being converted into legal tender. In contrast, the Ethereum network shows a more lasting accumulation of liquidity.
During the same time period,$403 million of RLUSD was issued on Ethereum, while $177.3 million was destroyed. As a result, the network maintained net inflows of more than $225 million, showing a very different growth trajectory than XRP Ledger.
The total circulating supply of RLUSD is US$1.757 billion.
The liquidity distribution between the two networks is almost flat: XRP Ledger holds US$883 million, or 50.2% of total supply; Ethereum holds US$874 million, or 49.8% of total supply.
The recent destruction of US$35.7 million does not represent reduced demand, but reflects different usage patterns between the two networks. XRP Ledger mainly serves as a fast transfer and settlement channel, while tokens on the Ethereum network are held for a long time in the ecosystem. This demonstrates the adaptability and strategic use of RLUSD in different financial operations.
