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ZEC $1,319 Ripple Treasury mints 30 million RLUSD as September issuance run continues
The stablecoin treasury minted 30 million RLUSD in one transaction, adding to a run of large mints and burns since September.
Key takeaways
- One 30 million mint. Ripple's treasury minted 30 million RLUSD in a single transaction.
- Burns offset mints. The treasury burned 29.85 million RLUSD on Sept. 22, so mints do not always lift supply.
- A $2.53 billion cap. CoinGecko data put RLUSD's market cap near $2.53 billion as of Oct. 7.
What happened
Ripple's stablecoin treasury minted 30 million RLUSD in a single transaction, per the Ripple Stablecoin Tracker. The mint adds to a series of larger RLUSD issuance transactions on the treasury in recent weeks.
On Sept. 21, the RLUSD Treasury minted 20 million RLUSD, then minted an additional 20.5 million RLUSD the same day, for 40.5 million RLUSD in reported issuance that day. On Sept. 22, another 19 million RLUSD was minted.
The treasury also destroys tokens. On Sept. 22, 14.9 million RLUSD and 14.95 million RLUSD were burned in two transactions, a total of 29.85 million RLUSD.
Why it matters
A mint is not the same as a permanent increase in supply. Ripple issues RLUSD when institutional customers deposit fiat, and it burns RLUSD when customers redeem tokens and get fiat back.
That means mints and burns can appear close together in daily treasury data. A 30 million RLUSD mint may be partly or fully offset by redemptions, so single-day mint figures can overstate growth in circulating supply.
RLUSD's market value was near $2.53 billion as of Oct. 7, based on CoinGecko data cited in the reports.
What the data shows
- Ripple's treasury minted 30 million RLUSD in one transaction.
- Sept. 21 mints of 20 million RLUSD and 20.5 million RLUSD came to 40.5 million RLUSD in reported issuance.
- On Sept. 22, 19 million RLUSD was minted while 29.85 million RLUSD was burned.
- On Sept. 11, 10 million RLUSD was minted in a single transaction, and total XRP Ledger minting that day was around 21.9 million tokens.
- On Sept. 1, around 143.1 million RLUSD was minted on the XRP Ledger.
- RLUSD's market cap was estimated at around $2.53 billion as of Oct. 7.
Background
- Under Ripple's documented process, institutional customers obtain RLUSD by depositing fiat, and redeemed RLUSD is burned as fiat is returned.
- September also brought large RLUSD mints, including 10 million RLUSD on Sept. 11 and around 143.1 million RLUSD on the XRP Ledger on Sept. 1.
- Separately, Ripple released 1 billion XRP from escrow on October 1 under its regular monthly schedule.
Questions readers ask
How much RLUSD did Ripple mint?
The Ripple stablecoin treasury minted 30 million RLUSD in a single transaction, per the Ripple Stablecoin Tracker. It followed mints of 20 million RLUSD and 20.5 million RLUSD on Sept. 21.
Does minting RLUSD increase its supply?
Not necessarily. Ripple burns RLUSD when customers redeem tokens and receive fiat back, and on Sept. 22 the treasury burned 29.85 million RLUSD in two transactions.
What is RLUSD's market cap?
CoinGecko data put the market cap of RLUSD at around $2.53 billion as of Oct. 7, according to the reports.
When were the other large RLUSD mints?
On Sept. 1, around 143.1 million RLUSD was minted on the XRP Ledger, and on Sept. 11, 10 million RLUSD was minted in a single transaction.
