What changed in RLUSD minting?

TLDR

Ripple USD (RLUSD) minting has ramped up in recent weeks, with multiple large issuances across OctoberNovember, pushing supply above $1.25 billion across Ethereum and XRPL per recent reports from the media and trackers.

1. Minting pace increased, including 24.5M (Oct 22), 50M (Nov 3), and 15M (Nov 25) mints, plus fresh 10M on XRPL (accelerated minting).
2. Minting remains institutional only; retail users cannot mint RLUSD (institutional model).
3. Distribution is Ethereum?heavy (about 1.01B on ETH vs ~225M on XRPL), reflecting where most new supply landed (chain mix).

Deep Dive

1. Pace Increased

RLUSD issuance accelerated through late October and November, with repeated large mints documented by third?party trackers and coverage.

1. Reported mints include 24.5M (Oct 22), 5M (Oct 28), 36M (Oct 31), 50M (Nov 3), 2M (Nov 19), and 15M (Nov 25), plus another 10M on XRPL (accelerated minting; XRPL mint detail).
2. These issuances coincided with RLUSD surpassing roughly $1.25$1.26 billion in market cap across chains, indicating sustained demand (market cap context).

2. Institutional?Only Model

The minting model did not open to retail; issuance remains restricted to qualified institutions.

1. Coverage highlights that retail cannot mint RLUSD, underscoring a permissioned issuance process and compliance?first positioning (institutional model).
2. Regulatory developments (for example, Abu Dhabis FSRA recognizing RLUSD as an accepted fiat?referenced token) may facilitate more institutional mint flows in regulated venues (ADGM context).

3. Chain Mix Shift

Most new issuance has landed on Ethereum, with XRPL minting also rising but from a smaller base.

1. Recent snapshots put Ethereum at roughly 1.01B RLUSD, with XRPL around 225M during the same period (chain mix).
2. Media pieces also note RLUSD crossing $1.026B on Ethereum alone while total supply reached ~$1.261B across both chains (Ethereum supply milestone).

Conclusion

RLUSDs minting has changed in magnitude and cadence rather than in who can mint: issuance accelerated and is mostly on Ethereum, while the model remains institutional only. The combination of rising supply and new regulatory acceptance could keep institutional minting active, with liquidity benefits concentrated where RLUSD has the deepest footprint.