Ripple USD stablecoin just hit a new record with $35,000,000 worth of RLUSD minted at the treasury overnight. Ripple's stablecoin tracker on EthereumScan caught the transaction right away and linked it to an RLUSD move to an address beginning "0xfbca8b5f."
The latest mint of RLUSD, which launched last year as Ripple's response to USDC and USDT, has now amassed a $1.49 billion circulating supply, according to updated CoinMarketCap data.
Even though it is only eighth among all crypto in total cap, RLUSD is crushing it in daily volume, raking in a whopping $259.5 million in just 24 hours. That is more than PayPal's PYUSD, the Global Dollar (USDG) and some top 10 contenders too.
So, what does a sudden 35 million mint actually mean? It could be inventory for exchange liquidity, OTC settlement rails or structured flows where redemptions and reissuance happen in tight loops.
This is especially true in the current market environment, where the only thing that is growing is stablecoin dominance. It could also be balancing the treasury across venues, where minting is used to meet the immediate demand for transfers without draining existing hot wallets.
Stablecoin game intensifying, and Ripple is here for it
The stablecoin market share has been getting more and more focused on a few names, like Tether, USDC and USDe, but RLUSD's recent surge in volume might be a sign of bigger things to come. Ripple might be using its unused network capacity and clear regulations to get into the institutional-grade dollar issuance game more, especially since U.S. banks are still on the fence.
Either way, the important detail is not just the $35 million headline. It is the pattern that matters. Thirty-five million after 15 million after 59 million reads like a Ripple treasury feeding pipes that are already running.
Gamza Khanzadaev
Godfrey Benjamin
Caroline Amosun
Tomiwabold Olajide