TL;DR:
- Gemini burned $128 million in RLUSD on XRPL on March 31 through two redemptions, cutting supply on the network to about $189 million.
- The onchain path was structured and sequential, with $79 million and $49 million transferred through intermediary addresses before being destroyed hours apart.
- Weekly burns reached $233.8 million against $44 million in minting, while Ethereum topped $1 billion in RLUSD after Ripple minted 10 million.
Gemini removed $128 million in Ripple USD from the XRP Ledger on March 31, trimming RLUSD supply on XRPL to about $189 million and resetting attention on how the stablecoin is being managed across networks. The burn was not framed as a market shock, but as a redemption process in which tokens are returned to the issuer in exchange for the same amount in fiat currency. A large supply reduction has landed with routine mechanics, yet the size of the move stood out because it altered the token’s network balance and revived scrutiny around RLUSD liquidity flows.
Just now Gemini redeemed (via burning) 128,000,000 $RLUSD on the XRP Ledger with Ripple.
This means they requested the liquidity back that they used to mint RLUSD with Ripple, by burning RLUSD. pic.twitter.com/NEaqSHAaH0
— Vet (@Vet_X0) March 31, 2026
How the burn is reshaping RLUSD’s network balance
The burn unfolded in two transfers that traced a redemption path onchain. A Gemini-linked address first sent $79 million in RLUSD at 2:15 PM UTC to an intermediary address, which then forwarded the same amount to a second address where the tokens were burned at 2:23 PM UTC. Later that day, Gemini repeated the pattern with another $49 million transfer beginning at 5:32 PM UTC, with the receiving address completing the burn at 6:36 PM UTC. The transaction trail looked orderly rather than chaotic, reinforcing the view that the episode reflected treasury operations instead of dislocation.
The move also fits into a broader weekly imbalance between issuance and redemption. Over the past week, RLUSD burns reached $233.8 million, while minting totaled $44 million, including $30 million issued on Ethereum and $14 million on XRPL. After the March 31 XRPL burns, Ripple minted 10 million RLUSD on Ethereum at 9:14 PM UTC. Supply is not disappearing so much as it is being redistributed, and that shift is becoming visible as Ethereum now holds more than $1 billion worth of RLUSD while XRPL carries a smaller float after the latest redemption activity.
That divergence is beginning to reshape the stablecoin’s market profile. At the time of reporting, RLUSD had slipped from eighth to ninth place among stablecoins by market value, a modest ranking change but one that highlights how quickly network-level adjustments can influence perception. Ripple and Gemini had been linked through RLUSD payment activity, including a previously disclosed effort with Mastercard and WebBank to test credit card settlement on XRPL. The bigger signal is about liquidity management, not distress, because the latest burn still reads as a standard redemption event inside Ripple’s stablecoin network.
