Ripple has unexpectedly paused the issuance of its RLUSD stablecoin, raising questions across the crypto community. According to on-chain data shared by the tracking account @RL_Tracker, the Ripple Treasury has minted no new RLUSD tokens in over a week, signalling a temporary halt in supply expansion.
This development follows a busy minting period in late April and aligns with Ripple’s ongoing pattern of intermittent stablecoin issuance, suggesting a strategic rather than reactive move.
No New RLUSD Minted Since April 25
The last RLUSD minting event occurred on April 25, when the Ripple Treasury issued two batches of 11.5 million RLUSD and a third batch of 15 million RLUSD, totalling 38 million RLUSD in one day. Interestingly, this minting activity came just after Ripple burned 15 million RLUSD, balancing part of the supply while net-adding 23 million tokens.
Before that, Ripple also minted 12 million RLUSD in a single transaction before burning it soon after. Since April 25, however, Ripple has remained silent on the minting front, with no additional RLUSD entering circulation as of May 2.
RLUSD Supply Nears 317 Million — Mostly on Ethereum
According to recent figures from Arkham, the total circulating supply of RLUSD now stands at 317,042,711.84 RLUSD, with approximately 70% issued on Ethereum rather than Ripple’s native XRP Ledger. This reflects Ripple’s cross-chain strategy, which focuses on broader ecosystem adoption and interoperability.
Ripple has regularly taken similar pauses in RLUSD minting since the stablecoin’s launch earlier this year. These breaks often last two to three weeks, indicating a deliberate strategy rather than a technical delay or demand issue. Ripple appears to be scaling its stablecoin gradually, avoiding oversupply in favour of controlled, demand-driven growth.
RLUSD Use Cases Expand Across Payments and DeFi
Initially designed as an enterprise-grade “gold standard stablecoin,” RLUSD has now found broader utility beyond its original purpose. Ripple has integrated RLUSD into its Ripple Payments network, previously known as On-Demand Liquidity (ODL). This upgrade makes RLUSD accessible to retail users for cross-border payments and remittances, use cases traditionally dominated by XRP.
Moreover, RLUSD is gaining traction across DeFi protocols and centralised platforms, where it is being used as collateral for lending and a stable asset for non-profit donations. Exchanges such as Kraken, LMAX Digital, Bitstamp, Bullish, and Zero Hash support RLUSD trading and purchase, reinforcing its growing accessibility and liquidity.
RLUSD currently boasts a market capitalisation of $316.88 million, ranking it 217th among all crypto assets, according to CoinMarketCap. This milestone further validates its role as a credible and steadily growing stablecoin competitor.
Related article: Ripple Transfers 1B XRP and Locks 700M in Escrow as May 2025 Release Remains Pending
Ripple Escrows 700M XRP Amid RLUSD Quiet Period
With the RLUSD minting pause, Ripple also carried out its monthly XRP management operation, transferring 700 million XRP into escrow. This came just before the routine monthly release of 1 billion XRP, which, in recent months, has been rescheduled from the first to the third day of the month.
Historically, Ripple relocks 700 million XRP shortly after the 1 billion release. However, this time, the firm preemptively locked the XRP ahead of any observed release, reinforcing Ripple’s preference for tight monetary controls and flexible timing when managing both XRP and RLUSD supplies.
While Ripple has not provided an official explanation for the RLUSD minting pause, the move fits within its gradual and calculated stablecoin issuance pattern. With expanding utility across Ethereum, the XRP Ledger, retail payments, and DeFi, Ripple may pause to observe adoption metrics and align its next minting wave with real-time market demand.
