Ripple issued approximately $110.57 million in RLUSD on the XRP Ledger on November 2 at approximately 20:43 UTC, shortly before Binance restored RLUSD withdrawal services on November 3 following the exchange's October 29 security breach that affected approximately $6.34 billion in assets. The issuance involved 110,565,832 RLUSD through Ripple's stablecoin treasury, according to on-chain tracking cited by CoinEdition. The mint occurred as XRPL's stablecoin supply was recovering from a $284 million contraction on October 30, representing a 28.7% decline. Binance's November 3 recovery announcement included RLUSD withdrawals on both XRP Ledger and Ethereum, though no direct operational link between the issuance and the exchange's service restoration has been established.
RLUSD Supply Contracted $284 Million on October 30 Before November 2 Issuance
On October 30, approximately $284 million in RLUSD supply disappeared from the XRP Ledger, representing a 28.7% decline in circulating stablecoin. Blockchain analysis identified substantial token returns to Ripple's issuer account, partially offset by new issuance during the same period. The November 2 mint of 110,565,832 RLUSD occurred as the network's stablecoin supply was recovering from this significant reduction. Large stablecoin issuances can reflect treasury adjustments, exchange inventory management, or institutional settlement requirements.
Binance Restored RLUSD Withdrawals on November 3 Following October 29 Hack
Binance began restoring selected cryptocurrency withdrawals on November 1 before launching another phase on November 3, covering additional assets across nine blockchain networks. The second phase included RLUSD on both XRP Ledger and Ethereum. The restoration followed the October 29 security breach, which began with approximately 233.46 million XRP valued near $296 million being transferred from five exchange wallets. Investigators subsequently identified unauthorized transfers across multiple networks, bringing the total affected assets to approximately $6.34 billion. Binance reported on November 4 that it had replenished 98% of affected token assets. The exchange recorded approximately $3.64 billion in net outflows during the first nine and a half hours after withdrawals resumed.
Ripple Froze $40.5 Million Stolen RLUSD After Binance Breach
Following the October 29 breach, Ripple froze $40.5 million in stolen RLUSD, using issuer-level restrictions to prevent the affected assets from moving. Native XRP does not have equivalent issuer-controlled freezing functionality, meaning Ripple cannot independently immobilize stolen XRP held in external wallets. RLUSD transactions on XRPL require network fees paid in XRP, but these fees are typically small.
FAQ
What did Ripple issue on November 2?
Ripple issued approximately 110,565,832 RLUSD, valued at $110.57 million, on the XRP Ledger on November 2 at approximately 20:43 UTC through its stablecoin treasury.
When did Binance restore RLUSD withdrawals after the hack?
Binance restored RLUSD withdrawals on November 3 as part of its second recovery phase, covering assets on both XRP Ledger and Ethereum networks following the October 29 security breach.
How much RLUSD supply disappeared from XRPL on October 30?
Approximately $284 million in RLUSD supply disappeared from the XRP Ledger on October 30, representing a 28.7% decline in circulating stablecoin on the network.
