Key Highlights
- Gemini eliminated $128 million in RLUSD tokens from the XRP Ledger during March 31 operations.
- The elimination process brought XRPL’s total RLUSD supply down to $189 million.
- Two separate transactions worth $79 million and $49 million completed the burn process.
- Blockchain records reveal the tokens passed through dual wallet addresses before destruction.
- Ripple issued 10 million RLUSD on the Ethereum network hours after Gemini’s burn activity.
Gemini removed $128 million in RLUSD from the XRP Ledger during March 31 operations. These transactions decreased the RLUSD circulation on XRPL to $189 million. Ripple proceeded to issue additional RLUSD on Ethereum hours afterward.
Details of Gemini’s RLUSD Elimination Process on XRPL
Gemini carried out dual RLUSD burning operations worth $128 million on the XRP Ledger. The exchange eliminated $79 million initially, followed by destroying an additional $49 million through distinct transfers. Blockchain data confirms Gemini-associated wallets initiated both operations on March 31.
At 2:15 PM UTC, a wallet connected to Gemini transferred $79 million RLUSD to the address “rGp…qxA.” Within eight minutes, that recipient forwarded the amount to “r3N…a64.” The blockchain eliminated these tokens at 2:23 PM UTC, redeeming $79 million in fiat currency.
Subsequently, at 5:32 PM UTC, Gemini relocated $49 million RLUSD to “rGp…qxA.” This address quickly transmitted the amount to “r3N…a64” upon receiving the funds. The protocol eliminated this second allocation at 6:36 PM UTC, returning $49 million in fiat.
Vet, who validates transactions on XRPL, commented on these operations through an X platform post. He remarked, “This process is a normal part of how stablecoins work.” He clarified that Gemini redeemed the original fiat liquidity deployed to create RLUSD with Ripple.
Changes in RLUSD Supply and Ethereum Issuance Activity
After completing the burns, Ripple created 10 million RLUSD on Ethereum at 9:14 PM UTC. Throughout the previous seven days, Ripple generated $44 million RLUSD between Ethereum and XRPL platforms. During this identical timeframe, aggregate burns totaled $233.8 million.
Blockchain analytics indicate $130 million RLUSD eliminated on XRPL alongside $103.8 million on Ethereum within seven days. Prior to March 31, XRPL documented a $1.9 million burn on March 26. Consequently, XRPL’s RLUSD circulation currently rests at $189 million.
Ethereum presently maintains over $1 billion in RLUSD according to Etherscan metrics. This supply variance demonstrates higher elimination volumes relative to creation activity. RLUSD has transitioned from eighth to ninth rank among stablecoins by market capitalization.
Ripple revealed a collaboration with Gemini during November 2025. The disclosure occurred throughout the Ripple Swell conference held in New York. Ripple joined forces with Mastercard and WebBank to evaluate RLUSD for credit card settlement processes.
WebBank provides the Gemini Credit Card to consumers in the United States. These entities evaluated RLUSD on XRPL for conventional payment settlement applications. The program sought to connect blockchain systems with established financial operations.
Certain XRP community participants raised questions about potential connections between the burns and Gemini’s financial status. These inquiries emerged following statements from EasyA co-founder Dom Kwok regarding company obstacles. Documentation referenced a $583 million net loss during 2025 and a class-action lawsuit concerning its IPO.
Gemini maintains its exchange platform operations without disruption. The firm has neither filed for bankruptcy protection nor entered receivership proceedings. Customers maintain full access to their assets throughout its service offerings.
The SEC dismissed its case associated with Gemini Earn following complete investor repayment. These repayments transpired through the Genesis bankruptcy process. Current blockchain data confirms Ethereum maintains over $1 billion in RLUSD circulation.
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