The Ripple stablecoin treasury has minted 30 million Ripple USD (RLUSD), adding to the recent series of larger RLUSD issuance transactions for the USD-pegged token.
A whopping 30 million RLUSD has been minted on the RLUSD Treasury in a single transaction, per the Ripple Stablecoin Tracker.
This most recent RLUSD mint adds to the growing size of Ripple’s stablecoin. As of Oct. 7, the market cap of RLUSD is estimated at around $2.53 billion, according to data from CoinGecko.
Recent RLUSD mints
The recent 30 million RLUSD mint is just one of the larger mints occurring on the treasury of late.
For example, on Sept. 21, the RLUSD Treasury minted 20 million RLUSD. Later on the same day, the RLUSD Treasury also minted an additional 20.5 million RLUSD tokens. This led to a total of 40.5 million RLUSD in reported issuance on the day.
On Sept. 22, another 19 million RLUSD was minted.
Altogether, this adds up to 59.5 million RLUSD minted in two days, Sept. 21 and Sept. 22.
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Apart from minting, the treasury has also been seeing active burns. For instance, on Sept. 22, the treasury saw 14.9 million RLUSD and 14.95 million RLUSD destroyed in two transactions. Altogether, 29.85 million RLUSD was burned.
Thus, it is important not to necessarily take the minting numbers as an equivalent permanent increase in the circulating supply. This is because Ripple regularly sees minting and burning of RLUSD in the process of issuing and redeeming the stablecoin.
Per Ripple’s documentation, institutional customers are able to obtain RLUSD by depositing fiat. Tokens are issued in response to the fiat deposit. On the flip side, RLUSD that is redeemed is burned as fiat is returned to customers.
Earlier in September, RLUSD also saw significant issuance activity. For instance, on Sept. 11, 10 million RLUSD was minted in a single transaction. On that day, the total minting on the XRP Ledger was around 21.9 million tokens. RLUSD minting on the XRP Ledger on Sept. 1 was much higher, with around 143.1 million RLUSD minted.
Thus, the most recent 30 million RLUSD mint is part of a series of larger transactions on the treasury as Ripple handles RLUSD issuance and redemptions.
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