Gemini Minted 150,000,000 RLUSD on the XRP Ledger with Ripple

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A recent statement by XRPL validator Vet has highlighted a significant development involving Gemini and Ripple’s stablecoin operations on the XRP Ledger.

According to Vet, Gemini minted 150,000,000 RLUSD on the XRP Ledger in coordination with Ripple, signaling the presence of equivalent U.S. dollar reserves held in a Ripple-controlled bank account to support the issuance.

Vet emphasized that this minting activity reflects a fully backed process, in which each RLUSD token corresponds to actual fiat liquidity. He noted that Ripple’s mint and redemption system for RLUSD is functioning efficiently, with newly minted funds quickly transferred to designated distribution or “hot” accounts. These accounts are then used to allocate liquidity to customer-facing platforms and services.

While the validator acknowledged the scale and operational effectiveness of the process, he stated that the precise motivation behind this sequence of events remains unclear.

Clarifying RLUSD’s Relationship With XRP Price

Vet further explained that stablecoins such as RLUSD serve a different purpose within blockchain ecosystems. He described them as essential tools for onboarding liquidity, allowing users and institutions to move funds into the network efficiently.

According to him, RLUSD functions as a liquidity gateway, increasing the accessibility and usability of the XRP Ledger without directly affecting XRP’s market valuation.

Timing Aligns With Gemini’s API Expansion

On March 27, 2026, Gemini announced expanded API support for withdrawals across multiple blockchain networks, including the XRP Ledger. This update enabled automated and high-frequency RLUSD transfers, particularly benefiting institutional users.

Liquidity Optimization Likely Driving Activity

The sequence of events suggests a strategic adjustment in liquidity management. With API-enabled withdrawals increasing the speed and volume of RLUSD movement, Gemini likely reassessed its asset distribution across networks. The burn event indicates that the exchange may have been holding excess RLUSD on the XRP Ledger relative to immediate demand.

By redeeming a portion of its holdings, Gemini effectively streamlined its liquidity position, ensuring that capital remained actively utilized rather than idle. This aligns with standard institutional practices, where maintaining efficiency and responsiveness to user demand is a priority.

Overall, Vet’s observations and the surrounding discussion provide insight into how large entities manage stablecoin liquidity on the XRP Ledger. While the minting of RLUSD does not directly influence XRP’s price, it plays a central role in expanding the network’s liquidity infrastructure and supporting broader usage.

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