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- RLUSD inflows surpassed $275 million as XRP Ledger activity accelerated significantly this week.
- Binance processed major RLUSD transactions while Ripple expanded stablecoin network circulation aggressively.
- Gemini could soon join rising RLUSD minting activity across XRP Ledger networks.
Ripple’s RLUSD stablecoin generated massive network activity this week as liquidity inflows accelerated across the XRP Ledger. During the reporting period, the XRP Ledger witnessed high levels of activity in minting and redeeming RLUSD, according to XRP Ledger Foundation Director of Community Hussein Zangana, aka Vet on X. He said that several treasury transactions had a great impact on the movement of stablecoins in the network.
Vet revealed that the last 7 days of the year had over $354 million minted in RLUSD. In the meantime, burned supply has costed just shy of $79 million during that same timeframe. As a result, RLUSD had net liquidity inflows in excess of $275 million over a span of one week. The recent spate of activity in RLUSD was driven by a number of treasury transactions. RLUSD Treasury conducted a large transaction batch which minted over 10 million RLUSD tokens on May 22. Furthermore, the treasury burnt 15 million tokens on May 21, and on the same day another 10 million RLUSD went into circulation.
Additionally, the records on the blockchain revealed that another 230 million RLUSD was minted directly on top of the XRP Ledger in separate transactions. The treasury also burned another 10 million RLUSD at the same time. These swaps drove a lot of activity on the XRP Ledger network during the week.
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Binance Activity expands RLUSD network presence.Binance Activity broadens RLUSD network presence.
Additionally, Binance poured a ton of liquidity into the recent RLUSD liquidity boost in the XRP Ledger ecosystem. Vet said the exchange actively made transactions through the network for the reporting period in the RLUSD tokens. Binance also added the stablecoin to its spot trading services earlier this year.Earlier this year Binance also expanded the support for RLUSD following the listing of the stablecoin. Other than that, the exchange introduced leveraged trading products, namely Binance Earn and Binance portfolio margin, to enhance the usage of RLUSD in leveraged trading markets.
Furthermore, Vet said there’s a possibility for crypto exchange Gemini to add more RLUSD activity towards the end of the month. More minting and redemption transactions will likely be seen next week with regards to Gemini, he suggested. Concurrently, RLUSD has recently increased its market capitalization to more than $1.7 billion with adoption increasing on payment and decentralized finance platforms. Transaction volumes also saw growth across the XRP Ledger network, due in part to the growing demand for stablecoins.
As the liquidity poured into XRP Ledger, RLUSD had one of its biggest inflows of liquidity for the week.As the liquidity spurted into XRP Ledger, RLUSD had one of its most significant liquidity inflows for the week. Moreover, the trading volume of exchanges remained growing, further driving adoption of RLUSD in the wider crypto space.
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