RLUSD, the US dollar-pegged stablecoin issued by Ripple, experienced a notable shift in supply dynamics at the start of June. According to a U.Today report cited by Techub News, the stablecoin has recorded zero destruction transactions since May 30, while fresh minting activity continued. This cessation of burns marks a departure from the frequent supply adjustments observed in the prior weeks.
Minting Continues; $6.2 Million Added on June 1
On-chain data reveals that on June 1 alone, RLUSD saw new minting of approximately $6.2 million. As a result, the total market capitalization remains firmly above $1.7 billion, with the current supply figure standing at $1.704 billion. The ongoing minting, even as burns have halted, suggests that demand for the stablecoin is holding up.
Comparing May's Mega Burns and the 30-Day Net Reduction
Just two weeks earlier, on May 20, RLUSD witnessed a day of massive on-chain activity with minting reaching $261 million and destruction totaling $165.1 million. This was part of a broader pattern over the trailing 30-day period: total destruction amounted to $396.8 million, outpacing the $304.4 million minted during the same window. The net destruction thus came in at approximately $92.4 million, indicating a modest contraction in circulating supply ahead of the June pause.
Supply Heavily Skewed Towards Ethereum
RLUSD is deployed on both the XRP Ledger and Ethereum. As of the latest data, $613 million worth of RLUSD resides on XRP Ledger, while a significantly larger $1.09 billion is on Ethereum. That puts Ethereum's share at over 64% of the total supply, roughly $477 million more than on XRPL. The dominance of Ethereum underscores its role as the preferred chain for stablecoin liquidity, especially given its extensive DeFi integrations and cross-border payment rails. The supply split illustrates how RLUSD users gravitate toward Ethereum's more mature ecosystem for stablecoin usage.