Ripple has quickly increased issuance of its stablecoin RLUSD since the start of July.

On July 3, blockchain outlet The Crypto Basic reported that Ripple issued a total of $291.6 million worth of RLUSD on XRPL and Ethereum over two days from July 1 to 2.

Issuance was concentrated on XRPL. A community-based RLUSD tracker showed about 77 percent of the total, or $225.8 million, was issued on XRPL. Issuance on Ethereum was $65.8 million.

After readjusting RLUSD supply between XRPL and Ethereum in late June, Ripple increased issuance intensity in July with a focus on XRPL. On July 1, it first issued 11 million RLUSD on XRPL, then carried out a series of small issuances of $600,000 to $995,000 in a short period. Later that day, it issued an additional $65.3 million on XRPL and, about 1 hour later, minted another $78.85 million.

The $78.85 million issuance was counted as the largest single RLUSD issuance across the network since $200 million was issued on XRPL on May 20. Total RLUSD issuance on July 1 was $169.8 million, while burns totaled only $150,000. Most of the issuance, $169.5 million, was processed on XRPL, and the $150,000 burn occurred on Ethereum.

The pattern shifted somewhat on July 2. Ripple moved some issuance to Ethereum and burned part of the XRPL supply near the end of the day. Total issuance that day was $121.8 million, while burns were $68.1 million. On XRPL, it issued $56.3 million but burned $58.1 million, posting a net decrease. On Ethereum, it issued $65.5 million and burned $9.9 million, resulting in a larger net increase.

Over the two days combined, total RLUSD issuance was $291.6 million and total burns were $68.25 million. XRPL issued $225.8 million and burned $58.1 million, for a net increase of $167.7 million. Ethereum issued $65.8 million and burned $10.05 million, posting a net increase of $55.75 million.

Still, the increase in XRPL issuance is difficult to view as a pure supply expansion. On-chain data showed that on June 30 Ripple burned about $146.3 million worth of RLUSD on XRPL. Including the day’s issuance, supply fell by a net $136.1 million. Over the latest seven days, XRPL burned $205.8 million and issued $246.0 million.

As a result, a large portion of the increase on XRPL over the past two days is interpreted as replenishing tokens redeemed or withdrawn in late June. Ripple also readjusted the cross-network supply balance alongside the issuance increase in early July.

Total RLUSD supply now stands at $1.634 billion across the two networks. Of that, XRPL accounts for $844.5 million, or 51.7 percent, while Ethereum stands at $789.83 million, or 48.3 percent. Recent issuance leaned more toward XRPL, but RLUSD operations still maintain a structure that runs in parallel across the two networks.

The increased issuance shows Ripple is adjusting RLUSD supply flexibly between XRPL and Ethereum. While issuance in early July was concentrated on XRPL, it also reflects replenishment after earlier large burns, making it difficult to interpret as a simple supply expansion. With total supply relatively evenly distributed across the two networks, Ripple is expected to continue XRPL-focused issuance while operating in parallel with Ethereum for the time being.