Ripple’s $449 Million Stablecoin Mint on XRP Ledger Ends Up With 99% Burn Rate

The latest treasury burn of $35.7 million in $RLUSD tokens on the $XRP Ledger (XRPL) has officially marked an anomalous monthly trend for the asset. Over the past 30 days, Ripple aggressively issued $449.3 million worth of its dollar-backed stablecoin directly on its native blockchain infrastructure.

However, due to the high intensity of sudden redemptions by institutional clients, the cumulative volume of tokens burned over this exact same period rapidly reached $448.9 million, ultimately putting the final burn rate at a staggering 99%.

This specific dynamic effectively reduced actual net supply growth on XRPL to near-zero and clearly exposed a deep cross-chain imbalance across the ecosystem.

While capital on Ripple’s native network functions almost exclusively within a high-speed transit corridor — with tokens rapidly minted for institutional settlements and immediately burned when redeemed back for fiat currency — Ethereum demonstrates classic, long-term liquidity accumulation.

Crucially, on the competing Ethereum network, $403 million was issued over the same 30-day window, while only $177.3 million was burned, thereby allowing that network to comfortably retain more than $225 million in net inflows.

Business as usual for Ripple

The total circulating $RLUSD supply now stands at exactly $1.757 billion. Due to these entirely different ways the token is used, total liquidity is currently distributed almost evenly between the two competing blockchains:

• $XRP Ledger: $883 million (50.2%)
• Ethereum: $874 million (49.8%)

The current data confirms that major players heavily utilize XRPL infrastructure for instant real-time conversions, while the Ethereum version of the token is distinctly preferred for long-term holding within the DeFi market.

In this context, the recent removal of $35.7 million from circulation is not a sign of declining demand, but a direct reflection of this dual-chain $RLUSD operating model at work.