Ripple has burned another 10 million RLUSD tokens, extending a run of treasury operations that has reduced the circulating supply of its dollar-backed stablecoin. 

Blockchain data reported on July 14 showed the tokens moving from the RLUSD Treasury to a null address, permanently removing them from circulation.

The latest operation follows 10 million-token burns recorded on July 13, twice on July 10, and once each on July 9, July 8, July 7 and July 6. Ripple also minted 20 million RLUSD on July 6. The sequence shows active supply management as redemptions and new issuance change the amount available onchain.

RLUSD supply falls from its late-May peak

RLUSD’s market capitalization now stands near $1.52 billion. That is about $380 million below its late-May peak near $1.9 billion, representing a decline of roughly 20% in circulating value.

A lower stablecoin supply does not automatically show weaker adoption. Fiat-backed stablecoins expand when issuers create tokens against new dollar deposits and contract when holders redeem tokens for cash. Burns therefore record the removal of redeemed supply rather than directly measuring transaction demand or user growth.

Repeated burns follow active treasury management

The latest burn adds to several similar transactions within little more than one week. According to the reported Ripple Stablecoin Tracker data, at least 80 million RLUSD has been burned since July 6, while 20 million tokens were minted during the same period.

Those transactions show how quickly stablecoin supply can change when large holders redeem or issue tokens. The movements do not explain who redeemed the RLUSD or why. Ripple has not publicly tied the recent burns to one customer, market event or change in its wider stablecoin strategy.

Ripple expands RLUSD use beyond basic payments

The supply contraction comes as Ripple continues adding new uses for RLUSD. As per report, Ripple joined the x402 Foundation as a Premier Member as the Linux Foundation moved the open payment standard under formal governance.

The initiative focuses partly on machine-to-machine payments. XRP and RLUSD can support payments by AI agents through x402 on the XRP Ledger, giving autonomous software a way to settle transactions using blockchain-based assets.

Ripple also introduced new tools aimed at developers building AI payment applications. As previously reported, the company launched the XRPL AI Starter Kit in June, allowing developers to build software agents that can send and receive payments.

The company is positioning RLUSD as one settlement asset that developers can use for those transactions. The work adds another potential use case for the stablecoin beyond exchange trading and traditional cross-border transfers.

RLUSD remains active across the XRP Ledger

Recent supply reductions also follow a period of growing RLUSD activity on the XRP Ledger. Evernorth said RLUSD pairs had generated more than $2.5 billion in XRP Ledger trading volume since launch.

The figures included about $900 million in volume from the RLUSD/XRP pair over six months. Evernorth also reported that the XRP Ledger held slightly more than half of RLUSD’s circulating supply by late June.

That distribution can change as minting, burning and cross-chain transfers continue. However, the figures show that RLUSD remains active across trading and settlement markets even as its total circulating supply falls from its May peak.

Ripple has also continued expanding RLUSD through institutional and payment partnerships. A coverage showed that the company is increasingly connecting the stablecoin with automated payment infrastructure and emerging machine-to-machine transaction systems.

The latest 10 million RLUSD burn reflects another reduction in outstanding supply while Ripple continues building new payment and settlement uses. The market will now watch whether the current burn cycle continues or whether new minting resumes as demand changes.

At about $1.52 billion in market capitalization, RLUSD remains below its May peak. Future treasury movements could provide a clearer picture of whether the recent contraction represents a temporary redemption cycle or a longer period of lower circulating supply.