Ripple, Stormy Issuance of 290 Million RLUSD... Will Massive Supply Trigger a Price Surge?

▲ RLUSD, USD (Dollar), Stablecoin / AI Generated Image

Ripple has accelerated the issuance of RLUSD in July, restarting the expansion of stablecoin supply, primarily centered on the XRP Ledger.

According to cryptocurrency media outlet The Crypto Basic on July 3 (local time), Ripple issued a total of 291.6 million RLUSD on the XRP Ledger and Ethereum (ETH) during the first two days of July. Approximately 77% of this, or 225.8 million RLUSD, was issued on the XRP Ledger. This figure cites data from a community-based RLUSD tracker built by XRPL validator Vet.

Issuance began at 3:41 PM UTC on July 1 with 11 million RLUSD minted on the XRP Ledger. Subsequently, Ripple processed a series of smaller transactions ranging from 600,000 RLUSD to 995,000 RLUSD within 13 minutes. On the same day at 8:02 PM, 65.3 million RLUSD was issued on the XRP Ledger, followed by an additional 78.85 million RLUSD approximately an hour later. This 78.85 million RLUSD issuance is the largest single issuance across the entire network since the 200 million RLUSD issuance on the XRP Ledger on May 20.

On July 1 alone, Ripple issued a total of 169.8 million RLUSD and burned only 150,000 RLUSD. Most of the issued volume, approximately 169.5 million RLUSD, came from the XRP Ledger, while all 150,000 RLUSD burned were processed on Ethereum. On July 2, 121.8 million RLUSD was issued and 68.1 million RLUSD was burned. 56.3 million RLUSD was issued on the XRP Ledger, but 58.1 million RLUSD was burned, while on Ethereum, 65.5 million RLUSD was issued and 9.9 million RLUSD was burned.

Over the two-day total, Ripple issued 291.6 million RLUSD and burned 68.25 million RLUSD. On the XRP Ledger, 225.8 million RLUSD was issued and 58.1 million RLUSD was burned, resulting in a net increase of 167.7 million RLUSD. On Ethereum, 65.8 million RLUSD was issued and 10.05 million RLUSD was burned, resulting in a net increase of 55.75 million RLUSD.

However, a significant portion of the recent XRP Ledger issuance also serves to replenish tokens that Ripple redeemed at the end of June. On June 30, Ripple burned approximately 146.3 million RLUSD on the XRP Ledger, and the net supply change, reflecting that day's issuance, was -136.1 million RLUSD. Over the past 7 days, 205.8 million RLUSD was burned and 246 million RLUSD was issued on the XRP Ledger.

After recent issuance and burning, the total RLUSD supply across both networks was recorded at 1.634 billion RLUSD. Of this, 844.5 million RLUSD remained on the XRP Ledger, accounting for 51.7% of the total. 789.83 million RLUSD was deployed on Ethereum, making up 48.3%. While Ripple supports both networks, in the early July issuance trend, it placed greater emphasis on the XRP Ledger.

[Article Key Summary]

-Ripple issued a total of 291.6 million RLUSD on the XRP Ledger and Ethereum during the first two days of July.

-Approximately 77% of the total issuance, or 225.8 million RLUSD, was issued on the XRP Ledger, and the net increase on the XRP Ledger was recorded at 167.7 million RLUSD.

-After recent adjustments, the total RLUSD supply is 1.634 billion RLUSD, with the XRP Ledger accounting for 51.7%, a larger proportion than Ethereum.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*