Ripple's RLUSD Transactions Send Shockwaves Through Crypto Market

Ripple, the company behind the XRP cryptocurrency, has been actively managing its stablecoin, RLUSD. On May 20, it minted $200 million worth of RLUSD on the XRP Ledger, marking a significant milestone in the network's history.

This minting event was accompanied by a corresponding burn of $100 million worth of RLUSD on Ethereum, reducing supply there. As a result, RLUSD supply on the XRP Ledger increased to $690 million, more than doubling in just two months.

Conversely, the RLUSD supply on Ethereum dropped to about $1.06 billion. The total market capitalization of RLUSD across both blockchains has risen to approximately $1.75 billion, primarily driven by the expansion on the XRP Ledger.