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- RLUSD burns exceeded minting by $47 million during the week.
- Ripple expanded RLUSD partnerships despite slower stablecoin issuance activity.
- June activity cooled as burns continued outpacing new minting.
Over the past week, RLUSD burn was slightly higher than new issuance, indicating a slight decrease in the growth of stablecoin supply in June. The data from the stablecoin tracker Ripple shows that $55.9 million worth of RLUSD was burned from the period, whereas $8.8 million was minted.
Minting activity is lower than the month began, while burning activity is higher. With greater withdrawals than inflows in the RLUSD circulation, the supply of the stablecoin was reduced, despite Ripple’s multiple big adoption moves. Activity started the month of June at a level much higher than usual. On the first day of the month, Ripple created $127.4 million worth of RLUSD and burnt $12 million worth of RLUSD. But after a few weeks, the issuance slowed down, and the number of transactions across the ecosystem of the stablecoin decreased.
New data indicates that despite Ripple’s efforts to broaden the reach of its payment networks, blockchain platforms, and international markets, the growth of its supply has slowed. June has, therefore, brought a different trend than May, where minting was still relatively high.
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Burn Activity Rises as Ripple Expands RLUSD Utility
Ripple’s minting activity continued to be behind burn, but it did continue to roll out new use cases and partnerships for RLUSD throughout June. One of the major events of the month was the implementation of the Native Token Transfers infrastructure by Wormhole. Wormhole’s Native Token Transfers infrastructure was one of the key developments of the month. By integrating, RLUSD was able to transition from one blockchain ecosystem to another in a native way. Furthermore, cross-border payments, institutional access to liquidity and tokenization efforts on supported networks are enabled.
Mastercard was another boost for Ripple with the payments behemoth said earlier this month that it will allow for settlement with regulated stablecoins, such as RLUSD. The transfer brings the stablecoin more into the spotlight in the digital payments industry and broadens its possible settlement applications.
Ripple says the Mastercard integration “shows how much demand there is for blockchain infrastructure that can facilitate efficient settlement services. Also, the development is in line with the growing institutional interest in regulated digital assets.
Türkiye and University Partnerships Add Momentum
International expansion was also underway with Ripple opening RLUSD to institutional clients in Türkiye via partnerships with BiLira, Bitexen and Bitlo. The deals offer more access points for institutions looking to gain exposure to Ripple’s dollar-backed stablecoin.
Ripple also broadened its academic reach by launching a new partnership with ITU (Istanbul Technical University). Through the funds provided by RLUSD, blockchain research projects, blockchain graduate fellowships, and the running of an XRP Ledger validator on campus will be funded.
This partnership places RLUSD further into blockchain education and research, making it more than just a commercial application. Furthermore, it is designed to facilitate Ripple’s overall goal of facilitating the development of the XRP Ledger ecosystem.
Supply Growth Slows Despite Adoption Announcements
With all of this said, it appears that the blockchain activity has slowed for RLUSD, per the recent RUSH updates. During the past week, the number of burn transactions has been higher than minting transactions, resulting in a decrease in the total circulating supply.
A surge in adoption whilst a fall in issuance activity suggests a quieter time period for RLUSD activity on-chain. Ripple has been rolling out more integrations and partnerships, but so far blockchain metrics suggest the supply growth has slowed down from back half of this year.
The last seven days yielded $55.9 million in burns for RLUSD and $8.8 million in minting. June has seen lower issuance activity and supply growth so far, despite Ripple’s ongoing attempts to ramp up adoption with new partners and integrations for the stablecoin.
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