Key facts
- Ripple Treasury minted $38.6 million in RLUSD on Ethereum and burned $50.6 million on the XRP Ledger.
- The net reduction in circulating RLUSD supply was $12 million.
- Standard Chartered Bank launched institutional custody for RLUSD on October 12, 2026, through its DIFC branch.
- RLUSD has a market capitalization of approximately $2.42 billion and has maintained its dollar peg.
- Standard Chartered's custody service for RLUSD is planned to integrate with LMAX's trading systems.
Ripple Treasury conducted significant minting and burning activity for its RLUSD stablecoin, minting $38.6 million on Ethereum and burning $50.6 million on the XRP Ledger, resulting in a net reduction of $12 million in circulating supply. This activity follows the recent launch of institutional custody for RLUSD by Standard Chartered Bank through its Dubai International Financial Centre branch.
The minting occurred across two Ethereum transactions, totaling $19.6 million and $19 million, typically indicating real customer USD deposits and representing newly demanded liquidity. Simultaneously, three burns on the XRP Ledger, totaling $13 million, $18 million, and $19.6 million, removed tokens from circulation. This cross-chain rebalancing is likely aimed at moving liquidity to Ethereum to meet decentralized finance (DeFi) demand or satisfy institutional counterparties operating on Ethereum networks.
Standard Chartered's RLUSD custody service, launched on October 12, 2026, and regulated by the DFSA, is seen as a significant step for enterprise adoption. Ripple's SVP of Stablecoins, Jack McDonald, noted that RLUSD was designed for such institutional use cases. The service is expected to integrate with LMAX Group's trading systems, allowing institutions to hold RLUSD with Standard Chartered while the value is mirrored to LMAX, thereby mitigating transfer-related counterparty risk. Luke Dorney, Head of Custody at LMAX Group, described RLUSD as an "increasingly important component of institutional digital asset markets."
Ripple has been actively building institutional infrastructure, including partnerships with Privy for XRPL access and a new mint platform for institutions. The bank custody coverage is also expanding to emerging markets, with Ripple flagging Turkey as a digital assets hub with Garanti BBVA custody. The XRP Ledger itself is growing as a settlement layer, with AI payments topping 10 million and yield demand increasing, evidenced by Doppler's XRP Vault reaching $125 million. The integration of RLUSD with tokenized traditional assets, such as U.S. Treasuries, is also on the horizon.