Key Takeaways
- On March 31, Gemini eliminated $128 million in RLUSD tokens from the XRP Ledger.
- The token destruction brought XRPL’s total RLUSD holdings down to $189 million.
- Two separate transactions accounted for the burn: $79 million and $49 million.
- Blockchain records indicate the tokens passed through multiple wallets before final destruction.
- Later that day, Ripple issued 10 million RLUSD on the Ethereum network.
On March 31, cryptocurrency exchange Gemini destroyed $128 million in RLUSD tokens on the XRP Ledger. This action brought the total RLUSD circulation on XRPL down to $189 million. Interestingly, Ripple created additional RLUSD tokens on Ethereum during the same timeframe.
Token Destruction Operations on XRP Ledger
Gemini carried out two distinct RLUSD destruction operations on XRPL, totaling $128 million. The exchange eliminated $79 million in the first transaction, followed by another $49 million removal. Blockchain tracking data confirms both operations originated from Gemini-controlled addresses on March 31.
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
The first transaction commenced at 2:15 PM UTC when a Gemini wallet transferred $79 million RLUSD to address “rGp…qxA.” Within eight minutes, this receiving address forwarded the entire amount to “r3N…a64.” The protocol destroyed these tokens at 2:23 PM UTC, simultaneously redeeming $79 million in traditional currency.
The second operation began at 5:32 PM UTC with Gemini transferring $49 million RLUSD to “rGp…qxA.” This intermediary address quickly relayed the funds to “r3N…a64.” The network completed the destruction at 6:36 PM UTC, redeeming another $49 million in fiat currency.
Vet, who operates an XRPL validator node, commented on these transactions via X. He noted, “This process is a normal part of how stablecoins work.” His explanation highlighted that Gemini was redeeming the fiat reserves initially deployed to create RLUSD with Ripple.
Token Issuance on Ethereum and Supply Dynamics
After these burn events, Ripple created 10 million fresh RLUSD tokens on Ethereum at 9:14 PM UTC. Throughout the preceding seven days, Ripple had issued $44 million RLUSD spanning both Ethereum and XRPL platforms. Concurrently, total token destruction reached $233.8 million during this same window.
Blockchain analytics reveal $130 million RLUSD destroyed on XRPL and $103.8 million eliminated on Ethereum over one week. Prior to the March 31 activity, XRPL had registered a smaller $1.9 million burn on March 26. Consequently, the current RLUSD supply on XRPL sits at $189 million.
Ethereum currently maintains over $1 billion in RLUSD according to Etherscan analytics. This disparity in supply levels stems from destruction volumes exceeding issuance rates. The stablecoin has slipped from eighth to ninth place in market capitalization rankings.
Ripple unveiled its collaboration with Gemini during November 2025. The disclosure occurred at the Ripple Swell conference held in New York. Ripple also joined forces with Mastercard and WebBank to pilot RLUSD for credit card payment settlement.
WebBank serves as the issuer for the Gemini Credit Card within the United States. The participating entities tested RLUSD on XRPL for conventional payment processing. This project sought to bridge blockchain technology with established financial infrastructure.
Certain XRP community participants raised questions about potential connections between the burns and Gemini’s financial health. These inquiries emerged following remarks by EasyA co-founder Dom Kwok regarding company difficulties. Media coverage mentioned a $583 million net deficit in 2025 and ongoing class-action litigation concerning its IPO.
Gemini maintains normal exchange operations without disruption. The firm has not pursued bankruptcy protection or entered receivership proceedings. Account holders maintain complete access to their holdings throughout all services.
The SEC withdrew its enforcement action related to Gemini Earn following complete investor restitution. These repayments occurred via the Genesis bankruptcy process. Current figures confirm Ethereum hosts more than $1 billion in RLUSD circulation.
