RLUSD, the Ripple stablecoin, has recorded its largest single mint in history, and this event occurred on the XRP Ledger.
This development comes over a year after the stablecoin launched in December 2024, bringing the RLUSD supply on the XRPL to 348 million tokens, according to data from XRPScan, a leading XRPL explorer.
Notably, while this represents only 23.8% of the total RLUSD supply across all chains, the XRPL-based RLUSD boasts the largest market cap on the XRP Ledger for any issued token
Key Points
- The Ripple stablecoin, RLUSD, just recorded its largest single minting event, involving the deployment of 59 million tokens on the XRP Ledger.
- Shortly after the mint, the RLUSD (1) account on the XRPL moved all 59 million tokens to the American exchange Gemini.
- Gemini, which listed RLUSD for trading on its platform last May, already supports the stablecoin on the XRP Ledger.
- The latest minting event recently brought the RLUSD supply on the XRPL to 348 million tokens, but this represents only 23.8% of the global supply.
RLUSD Records Largest Mint in History
For context, the latest 59 million RLUSD single mint overshadows the previous record of 50 million RLUSD, which the system minted on both the XRPL and Ethereum on three different occasions. Specifically, the first instance was in March 2025 on Ethereum, while the last two instances played out in April and November 2025 on the XRPL.
Historical data confirms that the XRPL has hosted most of the large-scale single RLUSD mints in recent times. For instance, five hours before the 59 million RLUSD deployment, the system minted 28.2 million tokens on the XRPL. However, shortly after, Ethereum welcomed 15 million worth of the stablecoin.
Latest Mint Move to Gemini
According to on-chain data, the recent 59 million RLUSD mint immediately moved to the Gemini exchange, a trend that has persisted over the past few weeks. Specifically, since Dec. 10, 2025, every RLUSD token mint involving the RLUSD (1) account has immediately moved to Gemini.
RLUSD Mints Moving to GeminiNotably, this year alone, the system has deployed 195.2 million RLUSD to the XRPL, with all 195.2 million tokens sent to Gemini shortly after they were minted. Gemini, which listed RLUSD in May 2025, deployed support for the XRPL, allowing for these recent fund flows.
While Binance listed RLUSD last month, it only supported it on the Ethereum network, with XRPL support coming soon. Amid concerns, Ripple staff Luke Judges confirmed that Ripple actually prioritizes XRPL when engaging exchanges for RLUSD listing. However, some exchanges like Binance first support Ethereum due to existing infrastructure.
RLUSD Supply Hits $348M on XRPL
Following the latest exercise, the RLUSD supply on the XRPL has grown to 348 million tokens with 37,343 holders. However, this represents only 23.8% of the total global supply
Ethereum hosts up to $1.111 billion worth of RLUSD, accounting for over 76% of the global supply. Nonetheless, with most of the latest mints occurring on the XRPL, the ledger may be gradually catching up. Ethereum’s larger supply is due to its greater adoption rate, which leads to higher demand for RLUSD on the network.
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