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Following
XRP 
RLUSD Ripple issued an additional 10 million RLUSD, maintaining circulation at more than US$1 billion.
Ripple continued to expand its supply of U.S. dollar stablecoin RLUSD, minting 10 million new RLUSD tokens on the XRP Ledger blockchain. According to data from tracking accounts that specifically monitor the asset, the move comes amid a moderate slowdown in activity on the RLUSD chain since September.
RLUSD Supply Growth and Recent Trends
Throughout September, RLUSD's on-chain activity fluctuated significantly. XRP Ledger experienced a major surge on September 1, when 143.1 million RLUSDs were minted and 7.2 million were destroyed. However, activity levels have dropped significantly in recent days. For example, on September 10, no new RLUSDs were minted on XRP Ledger, but 1.5 million RLUSDs were destroyed.
The next day, September 11, casting activity rebounded again, injecting 21.9 million RLUSD into the market and removing 387,000 at the same time. A similar pattern appeared on Ethereum: on September 10, no RLUSDs were minted, but 15 million were destroyed; on September 11, 528,000 RLUSDs were minted and 4 million were destroyed. These data suggest that the decline in activity has affected both the XRP Ledger and Ethereum blockchains.
In the past week, a total of 45.6 million RLUSDs were minted and 22.8 million were destroyed on XRP Ledger. As a result, the circulating supply of RLUSD on XRP Ledger remains high, currently measuring at US$1,053,014,745.
Uniswap Integration and Ecosystem Expansion
RLUSD has recently been paired with the USDS in the Sparks stablecoin FX layer of Uniswap V4. In the first week of Uniswap's launch, the RLUSD/USDS trading pair processed more than US$600 million, indicating growing liquidity and demand on decentralized exchanges.
Clearpool, a blockchain-based online credit market, is migrating its main infrastructure from Ethereum to XRP Ledger. Working with Cicada Partners, Clearpool is establishing an institutional credit fund designed to provide financing to companies in the fintech and payments sectors. All settlements and payments for the initiative are exclusively (exclusively) made using RLUSD.
Noun explanation: Clearpool is a decentralized credit market that allows institutional borrowers to obtain capital from liquidity providers without traditional intermediaries, leveraging blockchain technology to improve transparency and efficiency.
RLUSD Issuance and Regulatory Framework
RLUSD will be launched in December 2024 and will be issued by Standard Custody & Trust Company. The company operates as a subsidiary of Ripple and is regulated as a limited purpose trust company under the supervision of the New York State Department of Financial Services (NYDFS).
Ripple claims that RLUSD adopts a more stringent regulatory approach than many other stablecoins. The stablecoin is backed by segregated reserves and is subject to strict supervision by the NYDFS, while Standard Custody provides ongoing independent certification of these reserves. In addition, the company operates under a trust charter and seeks to introduce a federal trust charter as an additional regulatory layer in the future.
Ripple emphasized that RLUSD uses a trust charter model, segregated reserves, independent certification, and active NYDFS supervision to set higher compliance standards for stablecoins.
