The Ripple-backed stablecoin RLUSD is experiencing a notable surge in activity on the XRP Ledger as April comes to a close, marked by a massive token burn and a landmark low-cost settlement. Data from the Ripple Stablecoin Tracker reveals that 59,364,323 RLUSD were burned at the RLUSD Treasury on the XRP Ledger in the last 24 hours. This burn was accompanied by a matching mint of 59,364,323 RLUSD and a separate mint of 10,000,022 RLUSD, pushing total treasury activity above 118 million RLUSD in a single day.
Important: This pattern appears to be a recurring operational cycle rather than a random event. Vet, an XRP validator, pointed to a trend of rising issuer activity toward each month's end and suggested that April's surge may still not have fully played out. This observed rhythm in RLUSD issuance management suggests that the latest treasury movements are part of an established, predictable cadence.
Adding to the momentum, a separate and highly significant event occurred on April 29. A $59 million RLUSD settlement was completed on the XRP Ledger with a total transaction fee of just $0.000188. This transaction, highlighted by on-chain researcher Ripple Bull Winkle, serves as a live demonstration of Ripple's payment network handling large-scale cross-border settlements in production. For context, a SWIFT-based settlement of equivalent size would typically take two to three business days and cost between $295,000 and $590,000 in correspondent banking fees.
This institutional-scale activity is not an isolated incident. Minting momentum has been building across both the XRP Ledger and Ethereum throughout late April. Recent mints include 25 million RLUSD on Ethereum on April 25, a series of mints totaling over 55 million RLUSD on Ethereum on April 24, and a further 25 million RLUSD minted on Ethereum on April 23 alongside a 12 million RLUSD mint on the XRP Ledger. These figures indicate accelerating issuer-side activity as the month closes.
The settlement's significance extends beyond the fee, occurring during what has been described as Ripple's most concentrated single-month institutional push. This includes a KBank proof-of-concept signed on April 27, a reaffirmed Travelex Bank partnership, and recognition by the US Faster Payments Council. The live production settlement using RLUSD demonstrates that Ripple's stablecoin strategy is functioning alongside the XRP bridge asset model, supporting the company's dual-rail approach to institutional settlement infrastructure. Since its launch in December 2024, RLUSD's market capitalization has grown toward $300 million, with adoption expanding across enterprise payment providers including BKK Forex and iSend.
