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Ripple USD stablecoin (RLUSD) has seen a significant increase in activity over the last seven days, especially on the XRP Ledger. Hussein Zangana, XRP Ledger Foundation Director of Community, who goes by the name Vet on X, shares this information in a recent tweet.
According to Vet, who is also an XRP Ledger dual validator, there were "lots of minting and redeeming of RLUSD on XRP."
The past week saw a significant number of mint and burn transactions, some of which were reported by the Ripple Stablecoin tracker X account.
On May 22, 10,095,600 RLUSD was minted at RLUSD Treasury. On May 21, 15,000,000 RLUSD tokens were burned while 10,036,746 RLUSD were minted. On May 20, 20,000,000 RLUSD were burned at RLUSD Treasury. In other transactions, 230,000,000 RLUSD were minted on the XRP Ledger while 10,000,000 RLUSD were burned at RLUSD Treasury.
According to a screenshot shared by Vet, $354.4 million RLUSD was minted in the last seven days, while the total burned equated to $78.7 million in this time frame. This yields a net liquidity inflow of over $275 million.
Binance activity leads to inflow surge
Vet noted that major crypto exchange Binance handled RLUSD transactions during the period. "Binance also handled some RLUSD — ICYMI they also service RLUSD on XRP," Vet stated.
In January, Binance announced Ripple USD stablecoin listing, which included Spot trading support for RLUSD; portfolio margin eligibility, increasing RLUSD's utility in leveraged trading strategies; and inclusion in Binance Earn, giving users new ways to interact with and benefit from RLUSD holdings.
Vet further suggested that another major development could emerge soon, highlighting the possibility of further RLUSD-related activity at the close of the month involving crypto exchange Gemini.
"Good chances we see next week Gemini with end of month mint/redemptions," Vet stated.
RLUSD's market cap recently crossed $1.7 billion and is steadily increasing, backed by growing use cases in payments and DeFi.
Dan Burgin
