The latest treasury operation follows multiple 10 million-token burns since July 6, while RLUSD market capitalization has fallen to about $1.52 billion from roughly $1.9 billion in late May.
Ripple burned another 10 million RLUSD on Tuesday, continuing a run of treasury reductions that has helped cut the circulating supply of its U.S. dollar-backed stablecoin by roughly $380 million, or about 20%, from its late-May peak. Blockchain data shared by the Ripple Stablecoin Tracker showed the tokens were sent from the RLUSD Treasury to a null address, removing them from circulation. The move extends a pattern of similar operations over the past week. The tracker reported 10 million RLUSD burns on July 13, July 10 twice, July 9, July 8, July 7 and July 6, while Ripple minted 20 million RLUSD on July 6. CoinGecko data puts RLUSD's market capitalization at about $1.52 billion, down from around $1.9 billion in late May. Such minting and burning are standard for fiat-backed stablecoins, which adjust supply in response to issuance and redemption flows. New tokens are typically minted when customers deposit dollars, while burns occur when users redeem RLUSD for cash. The treasury operations therefore do not necessarily signal weaker adoption. Ripple has continued broadening RLUSD's use cases. The company joined the x402 Foundation as a Premier Member after the Linux Foundation moved the open payment standard under formal governance, with XRP and RLUSD positioned to support AI-agent payments through x402 on the XRP Ledger. Ripple also launched the XRPL AI Starter Kit in June to help developers build software agents that can send and receive payments. RLUSD has also remained active on the XRP Ledger even as supply contracted. Evernorth said RLUSD pairs have generated more than $2.5 billion in XRP Ledger trading volume since launch, including about $900 million from the RLUSD/XRP pair over six months, and reported that the XRP Ledger held slightly more than half of RLUSD's circulating supply by late June.