Blockchain company and stablecoin issuer Ripple has minted an additional 28.2 million Ripple USD (RLUSD) tokens in the past 24 hours. According to the Ripple Stablecoin Tracker X account, the company minted $25 million worth of RLUSD on Ethereum in the late hours of Monday, its largest token mint size since it was launched in December 2024.
Ripple has now doubled RLUSD’s supply in less than two months. Data from CoinGecko shows that the token’s total market capitalization now stands at $169.5 million.
The $RLUSD circulating supply on CMC now seems to have been updated.
For the record, 125.64M RLUSD have been minted on ETH and 44.05M on the XRPL.
The RLUSD supply has more than doubled in 6 weeks. If CMC data is to be trusted, it took USDT 9 months to reach such growth. https://t.co/hgIpkZXk2y pic.twitter.com/kaGCzw7zVR
— Leonidas (@LeoHadjiloizou) March 17, 2025
The majority of RLUSD is issued on Ethereum (ETH), with 125.64 million RLUSD tokens currently minted on ETH and an additional 44.05 million on the XRP Ledger (XRPL).
Ripple Labs bumps up supply after acquiring DFSA license
The RLUSD mint comes against the backdrop of Ripple’s approval from the Dubai Financial Services Authority (DFSA) on March 13. Since making the announcement via a press release, the XRP development team has minted over 34 million tokens on both XRPL and Ether networks.
DFSA has now greenlighted the company to provide regulated crypto payments and services within the Dubai International Finance Centre (DIFC). Ripple will become the first blockchain-based payments service provider licensed by the DFSA.
Huge news 🔥 @Ripple is now DFSA licensed to offer regulated crypto payments in the @DIFC bringing the speed and efficiencies of blockchain to one of the world’s biggest trade and cross-border payments hubs.
A big thank you to our partners at @DIFC and the DFSA for their early…
— Reece Merrick (@reece_merrick) March 13, 2025
The company will now offer its institutional-grade payment solutions in the UAE, as well as in other jurisdictions in the East, like Singapore and Ireland.
“We are entering a period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption,” said Brad Garlinghouse, CEO of Ripple. “The UAE’s leadership in fostering a supportive environment for tech and crypto innovation puts it in the best position to benefit from these advancements.”
According to a 2024 business survey by Ripple, 64% of finance leaders in the Middle East and Africa (MEA) consider faster payments and settlement times the advantage of blockchain-based currencies over fiat in cross-border transactions.
His Excellency Arif Amiri, CEO of DIFC Authority, welcomed Ripple to the UAE, saying. “We are thrilled that Ripple is deepening its commitment to Dubai by securing a DFSA license. As the Middle East’s leading financial hub, DIFC is proud to support forward-thinking companies like Ripple in shaping the future of finance.”
Ripple’s CTO confirms RLUSD can follow the GENIUS act
About seven days ago, Ripple’s Chief Technology Officer, David Schwartz, confirmed that RLUSD transactions can be halted or reversed in compliance with legal or regulatory mandates.
His statement followed an update to the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act by US Senator Bill Hagerty. The act requires stablecoin issuers to implement technology that allows freezing or seizing assets when legally mandated.
RLUSD can be frozen or clawed back. This is necessary because we want balances on the ledger to accurately reflect legal obligations of the issuer and off-ledger activity, such as court orders, can make those legal obligations go away or change.
— David "JoelKatz" Schwartz (@JoelKatz) March 12, 2025
Schwartz explained that this capability proves the token balances on the ledger are well-aligned with legal obligations. Since off-ledger events, such as court orders, can change or nullify these obligations, the proposed bill requires issuers to update the ledger accordingly.
As reported by Cryptopolitan in January, the XRP Ledger community approved the “clawback” amendment, with 90% of the network voting in favor. This change allows token issuers to retrieve assets from wallets, particularly those deposited into Automated Market Maker (AMM) pools.
Because RLUSD is issued on both XRPL and Ethereum, this clawback functionality applies to the stablecoin as well.
The GENIUS Act also mandates federal oversight for stablecoin issuers whose market value exceeds $10 billion. Currently, only Tether (USDT) and USD Coin (USDC) meet the threshold, while RLUSD remains well below the requirement.
Meanwhile, Ripple’s native token, XRP, continues trading on a downtrend, although its price is up 7.9% intraweek. Technical charts indicate the token is forming a descending triangle pattern, holding on to a support level at $2.2 and failing to crawl past $2.5.
Still, a 15% decline in its 24-hour trading volume suggests possible consolidation in the near future. If XRP’s support level is breached, it could signal a further downward movement during the week.
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