Ripple's on-chain data shows two back-to-back RLUSD mints on Ethereum totaling $38.6 million, while three separate burns worth $50.6 million occurred on the XRP Ledger. The combined activity resulted in a $12 million net reduction in circulating RLUSD supply.
The Ethereum mints were split across two transactions: one for 19.6 million tokens and another for 19 million. On the XRP Ledger, burns totaled three transactions of 13 million, 18 million, and 19.6 million tokens respectively.
Treasury mints typically follow customer USD deposits and represent freshly demanded liquidity rather than supply inflation. The cross-chain movement suggests active rebalancing, relocating liquidity from the XRP Ledger to Ethereum to meet DeFi demand or satisfy institutional counterparties operating on Ethereum infrastructure.
RLUSD currently holds a market capitalization near $2.42 billion and has maintained its dollar peg. The stablecoin launched under NYDFS regulation in 2024.
Standard Chartered Custody Launch
Standard Chartered launched its RLUSD custody service on October 12, 2026, operating through the bank's Dubai International Financial Centre (DIFC) branch and regulated by the DFSA.
Jack McDonald, Ripple's Senior Vice President of Stablecoins, stated that RLUSD was built for institutional use cases. Luke Dorney, Head of Custody at LMAX Group, described RLUSD as an increasingly important component of institutional digital asset markets.
The custody service includes planned integration with LMAX's collateral systems, allowing institutions to maintain RLUSD with Standard Chartered while mirroring its value to LMAX's trading infrastructure. This model eliminates token transfers between parties, reducing counterparty risk for institutional trading operations. The collateral integration remains pending final documentation, testing, and regulatory approval.
Expanding Institutional Infrastructure
Ripple has expanded RLUSD across multiple networks and custody jurisdictions. The stablecoin is available on Ethereum, Ethereum Layer-2 networks, and an XRP Ledger sidechain via Wormhole.
In addition to Standard Chartered, Ripple has established custody relationships in other markets, including Turkey with Garanti BBVA.
Ripple also rolled out a new mint platform to provide qualified institutions direct access to mint and redeem RLUSD at scale.
