Ripple's monthly escrow release and a record-breaking stablecoin mint have highlighted the company's ongoing liquidity management and institutional expansion efforts. According to a detailed report from the X account @XRPwallets, which tracks XRP transactions, Ripple distributed approximately half of the one billion XRP it unlocked in February 2026.
The majority of the released XRP, roughly 309 million coins, was sent to major cryptocurrency exchanges to support exchange-traded funds (ETFs), trusts, and other investments. The largest single transfer was 300 million XRP sent to Binance, with 5 million XRP going to Bitgo and 4 million XRP to Coinbase. An additional 100 million XRP was transferred to various Ripple Pay (formerly ODL) corridors to bolster liquidity in those payment channels.
This activity follows Ripple's long-standing practice of unlocking one billion XRP at the start of each month and subsequently locking a large portion back into escrow. In both February and March 2026, the company locked back 700 million XRP into escrow.
In a separate but related development, Ripple executed the largest single mint in the history of its stablecoin, RLUSD. On March 2, 2026, the company minted two batches: a record 69 million RLUSD and a second batch of 19,655,000 RLUSD. Blockchain data indicates the latter batch was issued to a wallet belonging to the Gemini exchange.
This transaction is linked to a collaboration between Ripple and Gemini announced in November 2025, which involves using Mastercard and WebBank to implement RLUSD settlements on the XRP Ledger for payments made with fiat bank cards. The first product of this partnership was the Gemini XRP Credit Card.
The record mint is part of a broader, deliberate supply management strategy for RLUSD. Ripple has been adjusting circulating supply through mints and burns on both the XRP Ledger and Ethereum network. CoinGecko data shows RLUSD's market capitalization has exceeded $1.5 billion, cementing its position in the regulated dollar stablecoin segment. The stablecoin's footprint is also expanding through exchange listings, including on Binance, and institutional partnerships, such as a multi-year agreement with LMAX Group where RLUSD serves as collateral.
