- Ripple minted 110.57 million RLUSD on the XRP Ledger in a single transaction on November 2.
- Binance resumed withdrawals across multiple networks, including XRP Ledger, on November 3.
- RLUSD adoption could increase XRPL activity, but does not guarantee an immediate XRP price rally.
Ripple minted $110.57 million in RLUSD on the XRP Ledger (XRPL) in a single transaction on November 2, hours before Binance began restoring customer withdrawal services across dozens of assets following its $6.3 billion security breach.
Ripple Mints $110.57 Million in RLUSD in a Single Transaction
At around 20:43 UTC on Nov. 2, Ripple’s RLUSD treasury minted 110,565,832 RLUSD in a single transaction on XRPL. On-chain data on XRPL explorers and community trackers, such as Ripple Stablecoin Tracker, verified the issuance as one of the largest single mints ever recorded on the network to date.
Meanwhile, the mint is an additional step in the supply management of RLUSD, Ripple’s regulated USD-backed stablecoin. At the time of reporting, RLUSD was trading at $1.00 with a total market cap of $2.546 billion, with XRPL’s portion around $850–860 million, roughly one-third of supply, and the majority on Ethereum (ETH).
Typically, these large treasury mints indicate institutional interest, exchange liquidity requirements, or corporate treasury activity, not retail speculation. Recent distribution advancements, including Coinbase listing Ripple stablecoin in XRPL and other systems, a collaboration with Robinhood to reach its 29 million users, and a Moody investment-grade rating of RLUSD reserves, have enabled broader adoption.
Binance Reopens XRP Withdrawals
The mint occurred hours before Binance moved to reopen normal withdrawal services for multiple assets across BNB Smart Chain, Ethereum, Solana, the XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base on Nov. 3.
Binance co-founder Yi He also confirmed that Ethereum withdrawals had resumed for RLUSD, USD1, TUSD, FDUSD and XUSD. Meanwhile, an earlier phase was executed on Nov. 1 to reopen withdrawals for selected assets such as BTC, ETH, XRP, SOL, DOGE, LINK, ADA, LTC and SHIB.
In addition, the restoration is especially crucial for XRP holders, because XRP was hit first in the Binance hack. Affected users are now able to resume withdrawals with the reopening, and Binance will continue to restore services on other networks.
What Does This Mean for XRP’s Price and Holders?
The Binance security incident has highlighted the power issuer-controlled tokens have over centralized stablecoins, with Tether reportedly freezing over $1.5 billion linked to the hack within 30 minutes. RLUSD also works under the same model where Ripple issues it and can freeze it, while XRP doesn’t have a central issuer and can’t be frozen in the same manner.
RLUSD’s freeze functionality proves its safety features as an enterprise-grade stablecoin. Retail firms are stepping in, as Uphold already offers up to 7% APY on RLUSD through its mobile app in most U.S. states, expanding retail access to Ripple’s ecosystem and capitalizing on this momentum.
That said, the $110.57 million RLUSD mint and Binance’s restored XRP withdrawals could sustain XRP Ledger activity. Increased RLUSD transactions generate fees paid in XRP and could encourage institutional adoption for settlement and liquidity.
However, these developments do not guarantee an immediate XRP rally. Price performance will depend on broader market conditions, investor demand, and sustained RLUSD adoption across the XRP Ledger.
Related: Ripple Launches Ripple Mint for Institutional RLUSD Management
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