Ripple Mints $110M RLUSD as Binance Reopens XRP Withdrawals
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Ripple’s stablecoin treasury issued 110,565,832 RLUSD on the XRP Ledger at 20:43 UTC on Nov. 2, according to Blockonomi. The single transfer came after RLUSD supply on the XRPL dropped by $284.4 million on Oct. 30, a 28.7% decline that followed large token amounts returning to the issuer account.
The mint landed within hours of Binance reopening XRP and RLUSD withdrawals following its October security breach, Bitcoin.com News reported, noting the timing but no causal link. Neither company has publicly connected the two events.
Key facts
- Ripple issued 110,565,832 RLUSD at 20:43 UTC on Nov. 2; Bitcoin.com News reported that XRPL community account Archie_XRPL recorded a further 38.8 million issuance, taking the night’s total to roughly 150 million RLUSD.
- Earlier, on Oct. 30, XRPL stablecoin supply fell $284.4 million, a 28.7% decline.
- Binance resumed selected withdrawals on Nov. 1 and expanded to nine networks, including the XRP Ledger and Ethereum, at 04:00 UTC on Nov. 3, subject to security checks.
- Researchers said Ripple froze about $40.5 million in stolen RLUSD on Ethereum; native XRP has no issuer-controlled freeze feature.
- Bitcoin.com News reported RLUSD’s market cap near $2.56 billion, with roughly 859 million tokens issued on the XRPL, and quoted XRP near $1.25 on Nov. 3, roughly flat on the day.
A $6.34 billion breach and a phased restart
The withdrawals followed an Oct. 29 intrusion that Binance said affected about $6.34 billion in digital assets; Bitcoin.com News described the figure as $6.3 billion. Binance said attackers reached an internal wallet signing service and moved funds without authorization, and that five wallets sent 233.46 million XRP to an attacker-controlled address.
The exchange reported replacing 98% of affected token assets by Nov. 4 while buying the remaining less-liquid holdings, and pledged to cover customer losses. It recorded $3.64 billion in net outflows in the first nine and a half hours after services resumed, describing the rush as easing later. Bitcoin.com News reported Binance had already processed $4.65 billion in withdrawals across 15 networks before this round and warned users about fake compensation offers. Binance co-founder Yi He, per that report, confirmed Ethereum withdrawals were restored for RLUSD, USD1, TUSD, FDUSD and XUSD.
Issuer controls separate RLUSD from XRP
RLUSD carries issuer controls that can block transfers from specific addresses, the mechanism behind the reported $40.5 million freeze on Ethereum. XRP has no comparable issuer-level freeze, leaving stolen coins in third-party hands harder to contain. Bitcoin.com News reported Tether froze over $1.5 billion tied to the hack within 30 minutes.
This is the model RLUSD is sold on to institutions, and large single mints of the kind seen on Nov. 2 typically reflect exchange or desk demand rather than retail buying. The issuance does not confirm that customers purchased $110.57 million in tokens; issuers also create supply for treasury, exchange balance and settlement purposes, and creating RLUSD does not mean users bought a matching amount of XRP.
Distribution has also widened recently. Bitcoin.com News reported that Robinhood struck a Ripple deal to bring RLUSD to its 29 million customers and Coinbase added the token across the XRPL and other networks, while Uphold now offers up to 7% APY on RLUSD in most U.S. states, with variable returns paid by an outside protocol. The token also received a Moody’s rating after Ripple’s U.S. bank approval.
Why it matters
The episode shows how much recovery power sits with stablecoin issuers after an exchange breach: funds that leave Binance in a token Ripple controls can be frozen, while funds in XRP cannot. For holders, the practical difference is that RLUSD remains a managed asset with an issuer that can intervene, and XRP does not.
What to watch
Binance has said further assets and networks will reopen in phases after security checks, and its review remained open with external security firms set to examine the findings. The investigation traced the intrusion to malicious software and a fake recruitment process.
This article is not financial advice. Crypto and stablecoin markets are volatile and uncertain, and prices and yields can change quickly.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Blockonomi, Bitcoin.com News
