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Ripple recently minted $200 million worth of its $RLUSD stablecoin on the $XRP Ledger, while burning $100 million on Ethereum.
The recent transactions, which have renewed conversations within the $XRP community, resulted in a massive supply shift for the Ripple USD ($RLUSD) stablecoin on both the XRPL and Ethereum.
Key Points
- Ripple recently minted $200 million worth of its $RLUSD stablecoin on the $XRP Ledger.
- This marked the largest $RLUSD mint transaction on the XRPL in history.
- On the same day, Ripple burned $100 million worth of $RLUSD on Ethereum.
- The recent transactions pushed $RLUSD’s supply on the XRPL to $690 million, but reduced the supply on Ethereum to $1.06 billion.
- $RLUSD now has a total cap of $1.75 billion, having had a net supply change of $190 million in the last week.
Ripple Mints $200M in $RLUSD on XRPL
This is according to on-chain data sourced by the $XRP community-driven $RLUSD tracker. Specifically, at exactly 12:42 PM (UTC) on May 20, Ripple minted $200 million worth of $RLUSD in a single transaction on the $XRP Ledger.
💵💵💵💵💵💵💵💵 200,000,000 #$RLUSD minted at $RLUSD Treasury.https://t.co/uOtWEhnlO8
— Ripple Stablecoin Tracker (@RL_Tracker) May 20, 2026
This development marked an important milestone because it represented the largest single $RLUSD mint transaction on the XRPL, surpassing the previous record of $92.3 million from April 1.
Shortly after the latest move, Ripple triggered a series of smaller mint transactions on the same day, with some of the most significant ones involving 30 million $RLUSD at 12:45 PM, 5 million $RLUSD at 5:51 PM, and 1.9 million $RLUSD at 7:32 PM.
Overall, the payment firm, through its Standard Custody subsidiary, minted $245 million in $RLUSD on the $XRP Ledger on May 20, marking the largest $RLUSD intraday mint in the network’s history. In contrast, it burned $57.9 million, bringing the net supply change to $187.3 million on that day.
Ethereum Sees 100M $RLUSD Burn
In contrast, the Ethereum ecosystem witnessed an opposite trend on the same day. For context, at 8:01 PM on May 20, Ripple burned $100 million worth of $RLUSD on Ethereum.
Interestingly, this marked the largest single $RLUSD burn transaction on Ethereum, marginally surpassing the 99.9 million $RLUSD burn recorded on April 1.
Notably, the transaction followed a series of smaller mints triggered by Ripple on the same day, including $1.99 million at 3:25 AM, another $1.99 million at 3:41 AM, $1 million at 07:06 AM, and $10.28 million at 10:15 AM. Overall, on May 20, Ripple minted 16.4 million $RLUSD on Ethereum, but burned $107.2 million.
$RLUSD Supply Change on XRPL and Ethereum
These transactions resulted in a massive supply shift for the $RLUSD across its two native networks: XRPL and Ethereum. Specifically, on May 20, the $XRP Ledger saw an addition of $187.3 million in $RLUSD supply, while Ethereum recorded $90.8 million in outflows.
As a result, the $RLUSD supply on the XRPL has expanded to $690 million, according to on-chain data. For context, this figure stood at around $300 million exactly two months ago, as of March 22. This means the $RLUSD supply on XRPL has more than doubled in the last 60 days.
However, on Ethereum, the supply has shrunk. Notably, the $RLUSD supply on Ethereum has dropped to $1.063 billion at press time. Some of the most notable intraday changes since April involve -$89.3 million on April 1, -$50.7 million on April 17, +$71.7 million on April 24, and now -$90.8 million on May 20.
Meanwhile, the overall $RLUSD market cap has continued to increase over the past few days, jumping to the current figure of $1.753 billion across both networks. Over the past week, the Ripple stablecoin has seen a supply change of +$190 million, with most of this coming to the XRPL.