Ripple minted 10 million RLUSD on the XRP Ledger, according to the Ripple Stablecoin Tracker, as issuance activity moderated from prior-month peaks. The stablecoin's circulating supply stands at approximately 1.053 billion dollars.
September minting has decelerated from August highs and a sharp spike earlier in the month. On September 1, Ripple minted 143.1 million RLUSD in a single day, the largest single issuance to date. The 10 million minted this week represents a return to more typical monthly pacing after that spike and the activity that followed.
RLUSD launched on the XRP Ledger in February 2024 as Ripple's entry into the stablecoin market. The token competes with USDC, USDT, and other dollar-pegged assets for settlement use in cross-border payments and on-chain liquidity. Ripple positions RLUSD as purpose-built for the XRP Ledger's transaction structure, with lower latency and lower settlement costs than alternatives on other blockchains.
Circulating supply growth has accelerated since the token's debut. Ripple reached 500 million RLUSD outstanding in June 2024, then doubled that by early August. The current 1.053 billion supply represents more than a quadrupling since June, though September minting has slowed from the August pace.
The XRP Ledger processes daily transaction volumes comparable to enterprise payment networks. Adoption metrics for RLUSD remain undisclosed, though Ripple has stated that early use cases center on institutional settlement corridors and stablecoin-to-fiat onramps in Southeast Asia and the Middle East.
Ripple has not announced plans to expand RLUSD to other blockchains. The token remains exclusive to the XRP Ledger, differentiating it from competitors that operate across multiple chains. Broader stablecoin adoption depends on continued partnership growth and regulatory clarity in key jurisdictions where Ripple operates payment infrastructure.
The September moderation follows a sustained expansion phase. If Ripple maintains current minting volumes through year-end, RLUSD could reach 1.5 billion in circulation by December, roughly tripling its February 2024 launch. The trajectory indicates Ripple is treating RLUSD as a long-term settlement asset rather than a speculative growth vehicle.
