Ripple has minted 10 million RLUSD stablecoins on the XRP Ledger, marking another scheduled issuance under the supervision of the New York Department of Financial Services (NYDFS). The mint, recorded on August 10, 2026, comes at a time when the stablecoin’s market capitalization hovers around $1.53 billion—down from $1.7 billion in June and roughly 20% below its May peak near $1.9 billion.
Simultaneously, on-chain data from Santiment, shared by analyst Ali Martinez, reveals that large XRP holders (whales) added more than 380 million XRP over the past week. This accumulation occurred as XRP traded close to the psychologically important $1 level, with prices around $1.03. While the whale activity suggests conviction among large investors, the token has yet to confirm a breakout.
No automatic market injection
Ripple’s RLUSD issuance does not mean the newly minted tokens are immediately deployed into markets. The company’s institutional platform, Ripple Mint, allows approved customers to mint, redeem, and manage RLUSD for treasury and settlement operations. Ripple has not identified the customer behind this specific issuance, nor disclosed its intended use. Therefore, describing the mint as a $10 million “capital injection” into XRP would be misleading.
Whale accumulation and market reality
The 380 million XRP accumulated by whales is a notable uptick, far exceeding the 70 million XRP bought in a prior July week. However, on-chain data alone cannot prove coordinated defense of the $1 level. Martinez characterized the accumulation as “an encouraging sign of conviction,” but it remains his interpretation. XRP’s price, still languishing near $1.03 with a slight weekly decline of 2.8%, has not yet responded with a strong bullish move.
The backdrop for RLUSD involves active issuance and redemption cycles rather than uninterrupted growth. Ripple’s stablecoin is fully backed by segregated cash and equivalents and is listed among NYDFS-approved stablecoins for regulated virtual currency entities. As institutional infrastructure expands, the market will watch whether the newly minted RLUSD moves into broader circulation and whether whale buying translates into sustained spot demand.
