Ripple Mints $110.57 Million in RLUSD as Binance Reopens XRP

Ripple’s RLUSD treasury minted 110,565,832 tokens in one transaction on the XRP Ledger at about 20:43 UTC on Nov. 2. Data from XRP Ledger explorers and community tracking accounts showed the issuance was among the largest single RLUSD mints recorded on the network.

RLUSD is Ripple’s dollar-backed stablecoin, designed to trade at about $1. At the time of reporting, its market capitalization was approximately $2.546 billion. About $850 million to $860 million of the supply was held on the XRP Ledger, with most of the remaining tokens issued on Ethereum.

Large treasury mints can supply liquidity for institutional customers, exchanges and corporate treasury operations. The transaction did not identify a final recipient or explain how the tokens would be distributed.

Binance began restoring withdrawal services for multiple assets and networks on Nov. 3. The reopened networks included the XRP Ledger, BNB Smart Chain, Ethereum, Solana, Sui, Arbitrum, Optimism, Tron and Base. Binance co-founder Yi He confirmed that Ethereum withdrawals had resumed for RLUSD, USD1, TUSD, FDUSD and XUSD.

The exchange had reopened withdrawals for selected assets, including Bitcoin, Ether, XRP, Solana, Dogecoin, Chainlink, Cardano, Litecoin and Shiba Inu, on Nov. 1. Binance said it would continue restoring services on other networks.

XRP was among the assets affected in the security incident. The reopening allowed users to resume XRP withdrawals, although the number of affected holders and the amount of XRP involved were not disclosed.

RLUSD transactions on the XRP Ledger require fees paid in XRP. Increased use of the stablecoin could raise activity on the network, but the mint does not guarantee higher demand for XRP or an immediate increase in its price.

Ripple has expanded RLUSD distribution through availability on Coinbase and an agreement with Robinhood, which has about 29 million users. RLUSD reserves have also received an investment-grade rating from Moody’s.

Ripple can freeze RLUSD under certain conditions. XRP does not have a central issuer with the same control over individual tokens. During the security incident, Tether reportedly froze more than $1.5 billion linked to the breach.