The issuance pace of Ripple's stablecoin RLUSD has recently diverged across its two blockchains. On-chain tracking accounts have revealed that Ripple recently minted 15 million RLUSD on Ethereum. Meanwhile, the supply of RLUSD on the XRP Ledger continues to decline, indicating that its circulation is increasingly shifting towards Ethereum.
Ethereum's net increase in one week
Public data shows that 15 million RLUSD were burned on the XRP Ledger in the past 24 hours, while another 10 million RLUSD were minted on Ethereum on July 29. With this latest issuance of 15 million RLUSD, on-chain activity for RLUSD has clearly increased in recent days.
According to the Ripple Stablecoin Tracker website, the circulating supply of RLUSD on Ethereum has risen to over $712 million. In the past 7 days, 36.5 million RLUSD were minted on the chain, while 25.3 million were burned, resulting in a net increase overall.
XRPL supply continues to decline
In comparison, the circulating supply of RLUSD on the XRP Ledger is approximately $873 million. Over the past 7 days, 65.4 million RLUSD were minted on the chain, but 68.7 million were burned, exceeding the amount newly issued.
Korea Exchange Expands Support
RLUSD also gained support from major South Korean exchanges this week. On July 28, the South Korean exchange Upbit announced the launch of RLUSD services, supporting deposits and withdrawals based on XRP Ledger, and opening trading pairs for KRW, BTC, and USDT.
On July 29, Bithumb also announced support for RLUSD trading. The platform currently only supports RLUSD deposits and withdrawals based on the XRP Ledger and has already listed the RLUSD/KRW trading pair.
In addition to its exchange expansion, Ripple recently announced a partnership with payment infrastructure company Notabene, which processes over $2 trillion in annualized transactions. The two companies plan to integrate RLUSD into Notabene Flow and explore combining payment authorization capabilities with Ripple Payments to expand enterprise-grade stablecoin payment scenarios.
