Ripple USD (RLUSD) Supply Fell 27.95% on XRP Ledger in 24 Hours

Ripple USD (RLUSD) supply on the XRP Ledger fell 27.95% in a 24-hour snapshot window, a sharp ledger decline that does not by itself show whether tokens were redeemed or moved.

Signed ledger snapshots put the amount at 981.72 million RLUSD at 9 p.m. EDT Oct. 29 (01:00 UTC Oct. 30) and 707.36 million at 9 p.m. EDT Oct. 30 (01:00 UTC Oct. 31). The difference was 274.36 million RLUSD.

The gateway_balances reading tracks obligations tied to issued tokens. It records a net change, but does not identify the transactions behind the decline or establish whether dollars were paid out off-chain.

One XRP/RLUSD automated market maker (AMM) showed little reserve movement over a longer sample. From 7:59:51 p.m. EDT Oct. 29 (23:59:51 UTC) to 9:11:11 a.m. EDT Oct. 31 (13:11:11 UTC), XRP reserves fell 0.67%, from 1,883,641.61 to 1,871,106.09 XRP. RLUSD reserves rose 0.36%, from 2,327,587.15 to 2,335,993.08 RLUSD.

The sampled order book moved differently by trade direction. Funded offers to sell RLUSD for XRP rose from 62,952.98 RLUSD in the earlier sample to 112,162.55 in the later one. Funded offers to buy RLUSD with XRP fell from 71,292.22 to 59,593.01. The sample covered up to 100 offers per side within 10% of a reference midprice and excluded AMM reserves.

At 9:11:54 a.m. EDT Oct. 31 (13:11:54 UTC), a modeled purchase of 10,000 RLUSD was fully fillable against the sampled offers for 8,033.58 XRP, or 0.14% above midprice. A modeled sale returned 8,015.85 XRP, or 0.08% below midprice. These were estimates, not executed trades.

RLUSD is redeemable 1:1 for dollars, subject to its terms. The XRP Ledger burns issued tokens sent back to their issuer, but a lower ledger obligation alone does not establish that dollars were paid out.

In Q3 2026, XRP Ledger stablecoin supply rose 25.2% to $1.03 billion, with RLUSD representing 98.1% of stablecoin liquidity; stablecoin transfer value also climbed 39.5%.