Ripple is accelerating the institutionalization of its stablecoin RLUSD. The company launched Ripple Mint, an automated issuance platform, and integrated RLUSD into Notabene's compliant enterprise payment platform, attempting to move this USD stablecoin further from a "holdable asset" to real-world payment scenarios.
Currently, RLUSD has a market capitalization of approximately $1.5 billion, making it one of the larger compliant stablecoins. However, data from the past month shows inconsistent usage patterns: while the number of holders and active addresses continues to grow, the transaction volume has clearly declined.
Ripple launches institutional issuance platform
Ripple Mint is open to institutional clients and supports the creation, redemption, cross-chain transfer, and tracking of RLUSD via a web panel or direct system connection.
Previously, institutions wishing to mint RLUSD typically needed to coordinate directly with Ripple and wait for manual processing. With the new platform, businesses can initiate minting and redemption within their own systems via API and track the entire process from USD deposits to on-chain settlement.
At the same time, Ripple is also expanding the circulation network of RLUSD. In addition to XRP Ledger and Ethereum, RLUSD has also been extended to the XRPL EVM sidechain, Base, Optimism, Ink, and Unichain.
Access to Notabene Enterprise Payment Network
Ripple also announced a strategic investment in the compliant network Notabene and the integration of RLUSD into its enterprise payments platform.
This means that RLUSD will enter more institutional scenarios with payment and receipt needs. If Ripple Mint solves the problem of "how to issue and manage faster", then Notabene's integration is more focused on "how to make stablecoins truly circulate".
The number of holders increased, while the scale of transfers decreased.
According to the data cited in the article, the number of RLUSD holders has increased by about 6% in the past month, and the number of active addresses has increased by about 70%, indicating that the user reach is still expanding.
However, during the same period, RLUSD's market capitalization declined by nearly 5%, and monthly transaction volume decreased from approximately $14.6 billion to approximately $11 billion, a drop of about 25%. This indicates that more wallets are holding RLUSD, but the actual funds transferred on-chain have decreased, and the use for payments and settlements has not increased accordingly.
Currently, the supply of RLUSD is roughly distributed across two main chains: XRP Ledger at approximately $877 million and Ethereum at approximately $643 million, resulting in a relatively balanced supply.
RLUSD is issued by Standard Custody & Trust, which holds a limited purpose trust license granted by the New York financial regulator. For Ripple, increasing supply is not difficult given the intensifying competition in the stablecoin market; the real challenge lies in ensuring that institutions continue to drive real-world transaction volume on this payment infrastructure.
