Gemini Destroys $128M RLUSD, XRPL Supply Drops to $189M

TLDR

• Gemini burned $128 million worth of RLUSD on the XRP Ledger on March 31.
• The burn reduced the RLUSD supply on XRPL to $189 million.
• Gemini completed the burn in two transactions of $79 million and $49 million.
• On-chain data shows the tokens moved through two wallets before the network destroyed them.
• Ripple minted 10 million RLUSD on Ethereum later that same day.

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Gemini burned $128 million worth of RLUSD on the XRP Ledger on March 31. The transactions reduced RLUSD supply on XRPL to $189 million. Meanwhile, Ripple minted new RLUSD on Ethereum later that day.

Gemini and RLUSD Burn Activity on XRPL

Gemini executed two RLUSD burn transactions totaling $128 million on XRPL. The company burned $79 million and later destroyed $49 million in separate transfers. On-chain records show Gemini-linked addresses initiated both transactions on March 31.

At 2:15 PM UTC, a Gemini-linked wallet sent $79 million RLUSD to “rGp…qxA.” Eight minutes later, that address forwarded the funds to “r3N…a64.” The network burned the tokens at 2:23 PM UTC and redeemed $79 million in fiat.

Later, at 5:32 PM UTC, Gemini moved $49 million RLUSD to “rGp…qxA.” The address transferred the funds to “r3N…a64” shortly after receipt. The system burned the second batch at 6:36 PM UTC and returned $49 million in fiat.

Vet, an XRPL validator, addressed the transactions in a post on X. He stated, “This process is a normal part of how stablecoins work.” He explained that Gemini redeemed fiat liquidity originally used to mint RLUSD with Ripple.

RLUSD Supply Shifts and Ethereum Minting

Following the burns, Ripple minted 10 million RLUSD on Ethereum at 9:14 PM UTC. Over the past week, Ripple minted $44 million RLUSD across Ethereum and XRPL. During the same period, total burns reached $233.8 million.

Data shows $130 million RLUSD burned on XRPL and $103.8 million on Ethereum within one week. Before March 31, XRPL recorded a $1.9 million burn on March 26. As a result, XRPL’s RLUSD supply now stands at $189 million.

Ethereum now holds over $1 billion worth of RLUSD based on Etherscan figures. The supply difference reflects higher burn volumes compared to minting activity. RLUSD has also moved from eighth to ninth position among stablecoins by market value.

Ripple announced a partnership with Gemini in November 2025. The announcement came during the Ripple Swell conference in New York. Ripple partnered with Mastercard and WebBank to test RLUSD for credit card settlement.

WebBank issues the Gemini Credit Card in the United States. The companies tested RLUSD on XRPL for traditional payment settlement. The initiative aimed to link blockchain infrastructure with standard financial services.

Some XRP community members questioned whether the burns were related to Gemini’s financial position. These concerns followed comments from EasyA co-founder Dom Kwok about company challenges. Reports cited a $583 million net loss in 2025 and a class-action lawsuit over its IPO.

Gemini continues to operate its exchange platform without interruption. The company has not filed for bankruptcy or entered receivership. Users retain access to their funds across its services.

The SEC dropped its case linked to Gemini Earn after investors received full repayment. Repayments occurred through the Genesis bankruptcy process. The most recent data shows Ethereum holding over $1 billion in RLUSD.

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