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Following
XRP 
RLUSD Ripple's RLUSD has attracted attention, the signal behind the huge treasury operation
Recently, Ripple's stablecoin RLUSD has experienced large-scale casting and destruction activities between XRPL (XRP Ledger) and the Ethereum network. As of September 11, the market valuation of RLUSD was approximately US$2.4 billion, and the latest transactions showed approximately US$39.4 million in treasury funds.
How do treasury transactions unfold?
According to recent data from Ripple, the RLUSD treasury has minted 14.39 million RLUSD pieces on XRPL. Prior to this, 10 million RLUSDs were destroyed on the same platform. Subsequently, an additional transaction on the Ethereum network further reduced the treasury supply by 15 million RLUSD. As a result, the total amount of casting and destruction involved in these collective operations is approximately US$39.4 million.
While this may mean an increase in circulation supply, it must be noted that treasury operations may serve multiple purposes, including issuance, redemption and liquidity management. Ripple remains cautious about the specific beneficiaries or exact intentions of these operations and does not disclose in detail.
The issuance and destruction activity observed in treasury accounts alone does not demonstrate increased demand from new users; such fluctuations may quickly reverse due to changes in redemptions and liquidity balances.
Network distribution
In terms of network allocation, Ethereum continues to dominate. Recent data shows that the value of RLUSD stored on Ethereum is approximately US$1.38 billion, while the balance on XRPL is approximately US$1.03 billion. This difference puts Ethereum ahead of approximately $350 million in RLUSD holdings.
Although recent casting activity on XRPL has failed to close this gap, data suggests that although Ethereum has a larger share, XRPL is still crucial to the release of RLUSD.
Ripple's Strategic Insights
Shortly after these treasury transactions occurred, Ripple released new RLUSD guidelines for the institutional finance sector. As a blockchain entity known for its cross-border payment solutions, Ripple highlighted the regulatory framework surrounding RLUSD.
The company claims that RLUSD is backed one-on-one by cash or allowed cash equivalents, with reserves held in segregated accounts and subject to regulatory review. Institutional customers can manage the issuance and redemption of stablecoins through Ripple Mint.
Ripple emphasized that RLUSD is specifically designed for institutional applications and has the characteristics of individual reserve support, asset isolation and redemption capabilities. The core of its expansion strategy is to increase the utilization of RLUSD in payments, custody, tokenization and credit. However, just seeing treasury issuance does not directly indicate a surge in end-user demand.
Market Performance and Summary
August data shows that RLUSD has an extremely fast turnover rate. Within 30 days, approximately 449.3 million RLUSDs were minted on the XRPL, while approximately 448.9 million RLUSDs were destroyed.
The total market value of RLUSD increased from nearly US$2.26 billion in early August to US$2.4 billion on September 11. Average daily trading volume was recorded at approximately US$114 million.
These insights suggest that RLUSD is rapidly establishing its place in the financial landscape, demonstrating a dynamic and flexible treasury operation. Still, while Ethereum holds a larger proportion of RLUSD, Ripple's strategic focus on regulatory compliance and institutional applications remains firm.
