Ripple has minted 12 million RLUSD tokens, marking another significant move in the rapidly expanding stablecoin market. The minting occurred at the RLUSD Treasury, with the transaction recorded on Ethereum’s blockchain.
Stablecoin Supply Hits $252B, Up 20X In 5 Years
The transaction was reported by Ripple Stablecoin Tracker, a known source for RLUSD activity. It adds to a week where stablecoin activity has gained strong momentum across the crypto space.
According to DeFiLlama data, the total supply of stablecoins has passed $252 billion, the highest ever recorded. This represents a 20-fold rise in just five years, underlining a shift in how value is stored and moved across blockchains.
The seven-day change shows an increase of over $740 million, highlighting continued capital inflow into the sector. Tether’s USDT still holds dominance at 62.5%, showing its strong grip.
A separate DeFiLlama data also shows that Tether leads in revenue, earning over $593 million in the past 30 days. That figure comes from interest in US Treasuries backing its USDT tokens. Circle, which issues USDC, comes second with $191 million. These earnings show how stablecoins aren’t just useful but extremely profitable when backed by low-risk assets.
DeFi Protocols Reap Millions as Stablecoin Sector Shifts from Utility to Profitability
Decentralized players are also seeing large revenues. Hyperliquid brought in over $64 million from swap fees, while PancakeSwap earned nearly $57 million. Even smaller protocols like Pump, Axiom, and Phantom each crossed $10 million in the same timeframe. In total, 55 protocols earned at least $1 million in the last month.
Ripple’s RLUSD is still new, but it’s entering a space where stablecoins generate real economic value. With 12 million RLUSD now in circulation, Ripple seems ready to compete with the top issuers. If it can tap into similar Treasury yield strategies, it may become a meaningful revenue driver.
More stablecoin supply often signals user demand and future DeFi growth. With fresh tokens minted and on-chain earnings rising, interest in stablecoins is shifting from utility to profitability.
The data also shows infrastructure-level protocols are capturing more of the value flow. Protocols like AAVE and Sky, while not leading, still posted solid returns from interest and fee collection. This points to a maturing DeFi ecosystem where returns are driven by real use rather than hype.
Stablecoins have been recording various milestones following the passage of the Genius Act, which offers regulatory clarity for this industry.
