Ripple continues to push RLUSD into the institutional market. On July 23, the company launched its new platform, Ripple Mint, and announced an investment in compliance service provider Notabene, aiming to standardize the issuance, redemption, and cross-chain transfer processes of RLUSD. However, on-chain data shows that the transaction volume of this stablecoin has declined in the past month.
Ripple Mint launched
According to Ripple, institutional clients can now directly create, redeem, transfer across chains, and track the state of RLUSD through a web console or API. Previously, institutions typically needed to coordinate the minting process with Ripple after depositing USD. With the new platform, this process has been automated.
This means that companies can complete the entire process from fiat currency deposits to on-chain settlement within the same system, reducing manual intervention and making internal reconciliation and fund tracking easier.
Access to Notabene network
Ripple also disclosed that it has made a strategic investment in Notabene, a compliant platform. Notabene processes over $2 trillion in annualized transactions and primarily serves compliant payment and transfer scenarios.
With RLUSD integrated into the network, financial institutions will find it easier to embed it into existing compliance processes when sending and receiving such stablecoins. For Ripple, the focus of this step is not only on expanding circulation but also on improving the usability of RLUSD in institutional payment scenarios.
Transfer volume declined, while active addresses increased.
According to on-chain data, RLUSD's current market capitalization is approximately $1.59 billion, a decrease of nearly 5% over the past month. A more significant change is seen in transaction volume: monthly transaction volume has dropped from approximately $14.6 billion to $10.89 billion, a decrease of about 26%.
However, user activity has not weakened accordingly. In the past month, the number of monthly active addresses for RLUSD increased by 68.2% to 11,167, and the number of holders also increased by about 6%. This shows that its user base is still expanding, but the pace of large-scale transactions has slowed down.
In terms of on-chain distribution, XRP Ledger currently holds approximately $896.5 million of RLUSD, while Ethereum holds approximately $641.9 million, with XRP accounting for a larger share. In addition to these two networks, RLUSD has also expanded to XRPL EVM Sidechain, Base, Optimism, Ink, and Unichain, further increasing the options for institutions to issue and transfer assets across different chains.
