$275 Million Added to RLUSD as XRP Ledger Network Activity Rises

Ripple USD stablecoin ($RLUSD) has seen a significant increase in activity over the last seven days, especially on the $XRP Ledger. Hussein Zangana, $XRP Ledger Foundation Director of Community, who goes by the name Vet on X, shares this information in a recent tweet.

According to Vet, who is also an $XRP Ledger dual validator, there were "lots of minting and redeeming of $RLUSD on $XRP."

The past week saw a significant number of mint and burn transactions, some of which were reported by the Ripple Stablecoin tracker X account.

On May 22, 10,095,600 $RLUSD was minted at $RLUSD Treasury. On May 21, 15,000,000 $RLUSD tokens were burned while 10,036,746 $RLUSD were minted. On May 20, 20,000,000 $RLUSD were burned at $RLUSD Treasury. In other transactions, 230,000,000 $RLUSD were minted on the $XRP Ledger while 10,000,000 $RLUSD were burned at $RLUSD Treasury.

According to a screenshot shared by Vet, $354.4 million $RLUSD was minted in the last seven days, while the total burned equated to $78.7 million in this time frame. This yields a net liquidity inflow of over $275 million.

Binance activity leads to inflow surge

Vet noted that major crypto exchange Binance handled $RLUSD transactions during the period. "Binance also handled some $RLUSD — ICYMI they also service $RLUSD on $XRP," Vet stated.

In January, Binance announced Ripple USD stablecoin listing, which included Spot trading support for $RLUSD; portfolio margin eligibility, increasing $RLUSD's utility in leveraged trading strategies; and inclusion in Binance Earn, giving users new ways to interact with and benefit from $RLUSD holdings.

Vet further suggested that another major development could emerge soon, highlighting the possibility of further $RLUSD-related activity at the close of the month involving crypto exchange Gemini.

"Good chances we see next week Gemini with end of month mint/redemptions," Vet stated.

$RLUSD's market cap recently crossed $1.7 billion and is steadily increasing, backed by growing use cases in payments and DeFi.