Ripple Mints $110.6 Million in RLUSD Before Binance Withdrawal Phase

Ripple issued 110,565,832.13 Ripple USD (RLUSD), worth about $110.6 million at its $1 redemption value, in one XRP Ledger transaction roughly seven hours before Binance’s next scheduled withdrawal expansion.

The XRP Ledger recorded the transaction at 3:43 p.m. ET Nov. 2 (20:43 UTC). Binance had scheduled its gradual second phase for 11 p.m. ET Nov. 2 (04:00 UTC Nov. 3), with deposits remaining open. The schedule listed RLUSD on Ethereum and the XRP network, plus XRP on BNB Smart Chain.

Native XRP on the XRP network had appeared in Binance’s first-phase schedule for Nov. 1. RLUSD is a U.S. dollar-backed stablecoin issued on the XRP Ledger and Ethereum and redeemable one-to-one for dollars. XRP is the XRP Ledger’s native asset; RLUSD is a separate token.

Binance said it would bear the financial impact of the stolen funds and would not pass those losses to users. The exchange planned to restore withdrawal access for listed asset-network pairs in phases.