Ripple launches Ripple Mint and taps Notabene as RLUSD transfer volume drops 25%
RLUSD value moved fell to about $11B/$10.95B in a month even as holders and active addresses climbed.
Ripple rolled out Ripple Mint and integrated RLUSD into Notabene’s business-payments platform as on-chain transfer volume for the stablecoin fell about 25% over the past month. The push targets institutional payment rails after wallet-level adoption metrics rose while value moved declined.
Key Takeaways
- Ripple Mint went live as an institutional platform to create, redeem, bridge and track RLUSD through a dashboard or API integrations.
- A strategic investment in Notabene accompanied RLUSD’s integration into Notabene’s business-payments platform to drive institutional transaction flow.
- RLUSD monthly transfer volume fell about 25% over roughly 30 days, sliding from around $14.6B to about $11B (also cited as $10.95B), even as holders rose about 6% and active addresses jumped about 70%.
- RLUSD’s market value stood near $1.5B, with roughly $877M on XRP Ledger and about $643M on Ethereum, per RWA.xyz.
Ripple Mint Launches as RLUSD Transfer Volume Slides
Ripple introduced Ripple Mint on Thursday, positioning it as an automated institutional workflow for RLUSD issuance and management. The release lands against a softening usage signal: RLUSD’s monthly transfer volume fell about 25% over the past month, from roughly $14.6 billion to about $11 billion, with the period-end figure also cited as $10.95 billion.
The timing matters because Ripple is not just widening where RLUSD exists. It is trying to push RLUSD through institutional pipes where repeatable payment flows can show up as sustained transfer volume rather than one-off distribution.
Ripple also continued expanding RLUSD beyond the XRP Ledger and Ethereum to the XRPL EVM sidechain, Base, Optimism, Ink and Unichain, increasing the number of venues where the token can circulate.
Adoption vs. Velocity: Holders Up, Value Moved Down
Over the same ~30-day window, RLUSD’s holder count rose about 6% and active addresses increased about 70%, while market cap slipped almost 5%. The dataset behind those holder and address changes is described as “data assessed,” without a specified public dashboard for replication.
The divergence is the tell. Holder growth and active addresses point to footprint and distribution, while transfer volume is a rough proxy for transactional usage and velocity. When wallets and activity rise but value moved falls, the market is signaling that RLUSD is being accumulated more than it is being used for payments or settlement. Ripple’s own framing is blunt: “A stablecoin that is accumulating holders but not transactions is being treated more as something to own than something to use.”
RLUSD’s market value is about $1.5 billion, according to RWA.xyz. Supply is split roughly $877 million on XRP Ledger and about $643 million on Ethereum, giving traders a clean way to track where incremental demand concentrates if institutional flows materialize.
From Manual Issuance to APIs: What Ripple Mint Enables
Ripple Mint shifts RLUSD minting and redemption from a more manual, arranged-with-Ripple process into an automated, API-driven workflow. Minting is the issuance of new stablecoin tokens when a customer deposits dollars. Redemption is the reverse, exchanging tokens back for dollars and typically burning the tokens.
Ripple described the operational pitch in one line: “The APIs let a firm trigger minting and redemption automatically from its own systems and track each transaction from dollar transfer to onchain settlement.” For institutions, that is less about a nicer dashboard and more about embedding stablecoin issuance, reconciliation, and reporting into treasury and payments stacks without bespoke operational overhead.
Bridging is also part of the package, enabling RLUSD to move between chains so it can be used where counterparties and liquidity already sit. That matters more now that RLUSD is being extended to additional networks, including the XRPL EVM sidechain, an XRP Ledger-connected environment designed to support Ethereum-style smart contracts.
Signals to Watch for Ripple boosts RLUSD amid falling transfer
The first threshold is whether monthly transfer volume rebounds from roughly $11B/$10.95B back toward the prior ~$14.6B level over the next 30 days. Without that, the upgrades read as distribution and tooling improvements that have not yet converted into payment velocity.
Second, watch the chain split. With about $877M on XRP Ledger versus about $643M on Ethereum, any post-launch drift is measurable evidence of where new demand is landing and where liquidity is being warehoused.
Third, follow for additional institutional integrations that explicitly use Ripple Mint APIs, such as new partners, corridors, or payment flows after the Notabene integration. Finally, holder count and active addresses need to be tracked alongside volume to see whether footprint growth continues even if velocity does not recover.
RLUSD’s Next Test Is Whether Infrastructure Converts Into Volume
I read Ripple’s two moves as a direct attempt to close the gap between “RLUSD exists” and “RLUSD settles real payments.” Ripple Mint reduces friction by turning issuance, redemption, bridging, and tracking into something programmable, while Notabene is a distribution wedge into compliance-aware business payments. The issuer structure helps the pitch too: RLUSD is issued by Standard Custody & Trust, which holds a limited-purpose trust charter from New York’s financial regulator.
The threshold that matters is whether the product layer changes the on-chain tape. If transfer volume can reclaim the ~$14.6B zone while the holder and active-address base keeps expanding, the setup starts to look structural rather than narrative-driven, and the practical impact is a stablecoin that can sustain institutional settlement flow instead of just accumulating supply.
