Ripple's USD-pegged stablecoin, RLUSD, has achieved a significant milestone with a $35 million minting event detected overnight by EthereumScan. The transaction was linked to a treasury address beginning with "0xfbca8b5f," marking the latest in a series of strategic mints that include previous amounts of $15 million and $59 million.
This activity has propelled RLUSD's total circulating supply to $1.49 billion, securing its position as the eighth-largest stablecoin by market capitalization, according to CoinMarketCap data. More notably, RLUSD demonstrated substantial trading volume, recording $259.5 million in transactions over a 24-hour period. This volume surpassed that of several larger competitors, including PayPal's PYUSD and USDG.
The minting pattern is viewed as a strategic move by Ripple to supply liquidity for exchanges, facilitate over-the-counter (OTC) settlements, and meet growing market demand without depleting existing reserves. This comes as Ripple strengthens RLUSD's market position, leveraging its regulatory clarity and network to target institutional-grade dollar issuance.
In a parallel development, RLUSD gained further traction with a listing on the BitMart exchange on January 28, 2026. This expansion provides RLUSD with access to a broader user base, enhancing its utility for cross-border payments with improved liquidity and compliance. The stablecoin is backed 1:1 by US dollars and cash equivalents.
