Ripple has minted 20 million new RLUSD tokens on Ethereum, lifting supply and boosting liquidity as it tries to gain ground in the regulated stablecoin race.
Key Takeaways
- Ripple minted 20,000,000 RLUSD on the Ethereum network, increasing circulating supply to around 1.53 billion to 1.55 billion depending on the tracker used.
- The mint followed recent RLUSD burns totaling more than 3.3 million tokens across multiple tranches.
- Data points to active usage, with RLUSD holding close to its 1 dollar peg and posting over $100 million in daily volume.
- Ripple is positioning RLUSD for broader adoption across DeFi, exchanges, and institutional use cases such as custody and tokenized real world assets.
What Happened?
Ripple expanded the supply of its RLUSD stablecoin by minting 20 million tokens on the Ethereum network, according to Ripple Stablecoin Tracker data. The mint was also visible through Etherscan, showing RLUSD issued from the RLUSD Treasury and moved via a confirmed Ethereum transaction dated Feb. 19, 2026.
💵💵💵💵💵💵💵 20,000,000 #RLUSD minted at RLUSD Treasury.https://t.co/iVykwoU9AN
— Ripple Stablecoin Tracker (@RL_Tracker) February 20, 2026
RLUSD Supply Growth Focuses on Ethereum Liquidity
The latest mint adds to a clear pattern this week: Ripple has been increasing RLUSD liquidity through multiple issuance events, including another reported 20 million RLUSD mint on Ethereum earlier in the week. The timing matters because stablecoin liquidity across the broader market has faced pressure amid negative sentiment, and newer entrants are working harder to keep their tokens available where users actually trade and lend.
Ethereum appears to be the main stage for that effort. Demand is described as stronger on Ethereum, and that matters for RLUSD because most major DeFi platforms and liquidity pools still concentrate there. For RLUSD, more supply on Ethereum can translate into tighter spreads, smoother redemptions, and a better chance of being integrated into lending markets, automated market makers, and exchange rails.
Burns, Mints, and the Signal Ripple Is Sending
Before the new issuance, RLUSD also saw several token burns in at least three tranches totaling more than 3,300,000 tokens. Burns can happen for routine treasury management or supply adjustments, and when they are followed by fresh mints, it often points to rebalancing across networks, meeting redemption activity, or stocking liquidity for new venues.
In plain terms, Ripple is trying to keep RLUSD available where users need it, rather than leaving supply sitting idle. Market data also shows RLUSD trading close to its peg, with daily volume above $100 million, which suggests the token is circulating rather than just accumulating in treasury wallets.
Where RLUSD Sits Versus USDT and USDC?
Even with the growing supply, RLUSD remains far behind the leaders. CoinMarketCap data referenced in the stories compares Tether USDT at over $183 billion market cap and Circle USDC above $74 billion. That gap is huge, but it also shows why Ripple is pushing hard. The regulated stablecoin market is becoming more competitive, and early distribution plus reliable liquidity often decides which tokens get integrated by exchanges and financial platforms.
One story also notes that RLUSD’s growth has been strong enough to place it inside the top 50 crypto assets, even displacing established names like Ethereum Classic. That is a meaningful visibility milestone, even if it does not guarantee long term dominance.
Ripple’s Bigger Strategy for RLUSD Adoption
Ripple is not treating RLUSD like a standalone product. The supply expansion fits into a broader ecosystem plan that includes custody infrastructure, real world asset tokenization for institutions, and settlement uses tied to cross border payments. Partnerships are also part of the push. One example mentioned is a deal involving Zand, aimed at broader RLUSD integration in the United Arab Emirates.
If Ripple sustains this pace, one story suggests RLUSD could be on track to reach a $2 billion market capitalization in the first half of this year.
CoinLaw’s Takeaway
I see this mint as Ripple doing the unglamorous work that actually matters in stablecoins: liquidity and distribution. In my experience, a stablecoin does not win because of hype. It wins because it is easy to access, holds its peg, and shows up in the places traders and institutions already use. RLUSD’s steady issuance, visible Ethereum activity, and growing volume tell me Ripple is serious about building market plumbing, not just announcing ambition. The gap to USDT and USDC is still massive, but consistent liquidity improvements are exactly how challengers start closing it.
