Ripple Mints 30M RLUSD as Supply Moves Between Chains
Ripple USD (RLUSD)
Editor:
Eugene Serbin
Crypto-economy.com reports that Ripple has minted 30 million RLUSD tokens, bringing total issuance activity to $59.5 million over two days in late September. The Ripple Stablecoin Tracker identified this new minting operation, which adds to the token's growing presence in the market. Despite this increase in minted tokens, the circulating supply does not automatically rise by the same amount.
Ripple’s documentation explains that institutional clients deposit dollars before RLUSD is issued, and tokens are destroyed upon redemption. On September 22, two transactions burned approximately 29.85 million RLUSD, demonstrating the rapid movement of supply. The treasury functions as both an issuance channel and a tool for institutional liquidity management.
RLUSD currently has a market capitalization of around $2.5 billion, backed by $2.530 billion in reserve assets. On the XRP Ledger, RLUSD accounts for roughly 93% of all dollar-pegged assets in a pool nearing $1.3 billion. Ripple also developed Ripple Mint for institutional issuance and integrates the token into credit markets and yield products.
How the market reacted
Whalio's own Binance spot order flow for RLUSD, measured when this story was written up on 7 October 2026. Not the outlet's figures.
RLUSD is trading at $1.00 with a 24-hour buy ratio of 55.8%, indicating that buyers dominated the session. However, short-term pressure has shifted, with the 1-hour buy ratio dropping to 0.0% and the 4-hour ratio at 16.3%. This suggests that buying momentum is fading in the immediate term compared to the daily average. Volume deltas reflect this shift, showing a net outflow of $7.3 million in the last hour and $5.3 million over four hours. Over the full day, the volume delta was positive at $8.2 million, but cumulative selling pressure resulted in a negative CVD of $10.6 million. Spot volume reached $71.4 million across 3,537 trades, showing active but net-seller-driven trading.
The latest daily buy ratio of 39.6% sits at the 19th percentile of the last 267 days, against a median of 52.6% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for RLUSD, averaged over the days leading up to the story.
This day represents a notable deviation from the preceding week, where RLUSD saw net buying on all seven days. The 24-hour buy ratio of 55.8% is 13.4 percentage points lower than the 7-day average of 69.2%. While volume was 1.47 times the weekly average, the sustained buying trend has paused. The coin experienced $124.8 million in net volume deltas over the previous eight days, contrasting with today's mixed flow. This marks a shift from consistent accumulation to a more balanced, slightly seller-favored session.