Key Takeaways
- RLUSD’s market cap stands near $2.56 billion, with about 859 million tokens issued on the XRP Ledger.
- Binance began reopening withdrawals across nine networks, including the XRP Ledger, at 04:00 UTC on Nov. 3.
- Uphold now offers up to 7% APY on RLUSD to app users in most U.S. states.
A $110 Million Mint in Seconds
Ripple’s dollar-backed stablecoin had one of its biggest nights on the XRP Ledger (XRPL). Onchain trackers flagged the mint of 110,565,832 RLUSD at the RLUSD treasury on Monday evening and the XRPL record confirmed the same it.
The issuance transaction shows 110,565,832.13 RLUSD leaving the issuer account at 20:43 UTC on Nov. 2. XRPL community account Archie_XRPL said a second issuance of 38.8 million followed, putting the night’s total near 150 million RLUSD.The first mint was the biggest yet on the XRPL.
The ledger now carries about 859.3 million RLUSD in total obligations from the issuer account and across all chains, RLUSD has a market cap near $2.56 billion, which means roughly a third of the supply lives on the XRPL and most of the rest on Ethereum.
The fresh supply comes after a busy run of distribution deals as over the past week alone, Robinhood struck a Ripple deal to bring RLUSD to its 29 million customers, and Coinbase added Ripple’s stablecoin across the XRPL and other networks. The token also won a historic Moody’s rating after Ripple’s U.S. bank approval.
Binance Reopens the Pipes
The mint landed as Binance moved to restore normal service as the exchange said it would reopen withdrawals for dozens of assets across BNB Smart Chain, Ethereum, Solana, the XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base, starting at 04:00 UTC on Nov. 3. It said the reopening would happen in phases, with tokens prioritized by user demand over the past week.
The first batch included BTC, ETH, XRP, SOL, DOGE, LINK, ADA, LTC and SHIB. Binance co-founder Yi He then confirmed that withdrawals on Ethereum had been restored for RLUSD, USD1, TUSD, FDUSD and XUSD.
For XRP holders, the reopening is of extra importance as XRP was hit first in the Oct. 29 attack, with five wallets drained in about four minutes. Binance had already processed $4.65B in withdrawals across 15 networks before this round, and it has warned users about fake compensation offers as scammers tried to exploit the process.
Why Stablecoin Issuers Matter in a Hack
The Binance attack has shown how much power issuer-controlled tokens carry since Tether alone froze over $1.5B tied to the hack within 30 minutes. RLUSD too works under the same model, wherein Ripple issues it and can freeze it. XRP, on the other hand, has no issuer and can be frozen like that.
That difference is part of RLUSD’s pitch to institutions. Ripple has been pushing the token into corporate cash management with round-the-clock returns, and large single mints like Monday’s often reflect demand from exchanges or institutional desks rather than retail buyers.
Yield Push and What Comes Next
Retail platforms are also stepping in, and Uphold is now offering up to 7% APY on RLUSD through its mobile app in most U.S. states. The exchange notes that returns are variable, are paid by an outside protocol rather than Uphold, and that funds leave the Uphold wallet when users opt in.
XRP itself is trading near $1.25 on Nov. 3, roughly flat on the day. Binance said more assets and networks will reopen in phases after security checks. Interesting couple of weeks ahead!
