Ripple has burned another 15 million RLUSD as large treasury transactions continue to move the stablecoin’s supply in both directions.
The 15 million tokens, worth roughly $15 million, were transferred from the RLUSD Treasury to an Ethereum null address Thursday, September 10, permanently removing them from circulation. The transaction came after several large RLUSD mints earlier this month, showing how quickly the stablecoin’s supply can change.
Notably, Ripple minted 18 million RLUSD on September 7, after creating 20 million tokens on September 4 and another 16 million on September 3. On September 8, a separate 10 million RLUSD burn was recorded, followed shortly by a mint of around 14.39 million tokens.
These movements reflect how dollar-backed stablecoins manage their circulating supply. Tokens can be issued when customers need RLUSD and removed when holders redeem them. A burn therefore does not automatically mean demand for the stablecoin is weakening.
Importantly, RLUSD’s market capitalization has continued to climb despite the recent supply reductions. According to data, the chain’s market cap stood at about $2.42 billion at press time, up from about $1.74 billion on August 18.
 
That increase suggests the recent burns have not stopped the stablecoin from expanding its overall market footprint. The more important figure to watch is the net change between new issuance and tokens being removed from circulation.
Moreover, the company has been developing use cases around payments, lending, tokenization, and collateral, moving the stablecoin beyond its role as a dollar-pegged asset traded on crypto exchanges.
In August, Ripple expanded RLUSD into institutional credit through a fund with on-chain lending platform Clearpool and credit manager Cicada Partners. The initiative is planned for the XRP Ledger and is designed to use blockchain-based financial infrastructure, giving RLUSD another potential role in institutional markets.
That said, continued RLUSD growth could become a positive catalyst for XRP if it brings more liquidity and institutional activity to the XRP Ledger.
Sustained RLUSD usage, rising transaction activity and deeper institutional participation could strengthen the fundamental case for XRP.
XRP is currently facing its own test after a sharp recent pullback. In a tweet on Saturday, popular analyst Ali Martinez said XRP had fallen about 20% over the past three weeks, from $1.70 to $1.35, while whales had sold or redistributed roughly 90 million XRP during the period.
He also pointed to a sharp decline in network activity, saying daily active addresses had fallen from 388,492 to 38,163. Despite those weaknesses, he identified $1.35 as a key support level, noting that 2.29 billion XRP had previously traded around that price.
“If this level holds and XRP reclaims $1.38, a rebound toward $1.60 and potentially $1.68 could follow,” Martinez said.
At press time, XRP was trading at $1.40, down 1.66% in the past 24 hours.
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