Ripple launches RLUSD minting platform as revenue run rate nears $1B

Ripple launched Ripple Mint, an institutional platform enabling automated minting, redemption, bridging and transaction management for its RLUSD stablecoin through API access, the company said July 23.

"Ripple Mint simplifies how institutions bring fiat currency onchain," the company said in its announcement. The platform lets clients mint, redeem, hold and transfer RLUSD without building separate blockchain infrastructure.

The platform includes Wallet-as-a-Service functionality, allowing institutions to use Ripple-managed wallets or connect existing wallets for stablecoin operations. Ripple Mint supports dual-approval workflows, audit logs, secure passkeys and transfer allow lists designed for enterprise compliance, according to the company. The platform is designed for treasury management, payment settlement and liquidity operations.

The launch positions Ripple to compete directly with Visa's Stablecoin Platform, which debuted July 16 with support for Open USD, and with established issuers Circle and Tether in the institutional stablecoin market. Ripple is targeting a $1 billion revenue run rate in 2026, according to investor documents from its November 2025 funding round.

RLUSD is a regulated stablecoin issued by Ripple, backed by cash and cash-equivalent reserves. The token operates on the XRP Ledger and is designed for payment settlement, treasury management and liquidity operations. Stablecoins represent a bridge between traditional finance and blockchain-based payments, allowing institutions to settle transactions in digital dollars without relying on correspondent banking rails.

The stablecoin has been gaining adoption across the crypto sector. Bybit launched an RLUSD Hold & Earn rewards campaign on July 20, offering yield on the stablecoin. Ripple Prime, the company's institutional prime brokerage unit formed through the $1.25 billion acquisition of Hidden Road in 2025, was shortlisted in four categories at the Hedgeweek US Awards 2026, including Prime Broker of the Year: Specialist Markets and Prime Broker of the Year: Technology.

The Ripple Mint launch follows a period of sustained institutional demand for Ripple exposure. A U.S. Bankruptcy Court approved Linqto's sale of approximately $130 million in Ripple common shares to four institutional buyers on July 20, with Galaxy Digital anchoring the transaction at $60 million and Arrington Capital at $50 million. Ripple waived its right of first refusal on the Galaxy block, clearing the transaction without requiring co-sale adjustments.

XRP traded at $1.13 on July 20, up nearly 4% on the day, clearing the $1.10 resistance level with daily volume reaching $1.29 billion, according to CoinGecko data. The price move coincided with the Linqto court approval and the Bybit RLUSD campaign launch.

Competitive Dynamics

The stablecoin market has drawn increasing attention from traditional payments infrastructure providers. Visa's Stablecoin Platform, launched July 16, supports Open USD and includes Wallet-as-a-Service features similar to Ripple Mint. Visa's platform is in beta testing with select clients, the company said. Jack Forestell, Visa's chief product and strategy officer, said stablecoins represent a new form of programmable money but noted that operational complexity remains a major challenge for institutional adoption.

Ripple Mint's API-first approach targets institutional treasury teams seeking programmable payment infrastructure. The platform operates on the XRP Ledger, giving clients access to the blockchain's native settlement capabilities. Unlike Visa's platform, which centers on a single stablecoin partner, Ripple Mint is built around Ripple's own RLUSD token, giving the company greater control over the product roadmap and fee structure.

Tether's USDT and Circle's USDC remain the dominant stablecoin issuers, with a combined market capitalization exceeding $150 billion. Ripple's entry with RLUSD and the Ripple Mint platform represents a bid to capture institutional flows that have traditionally favored USDC for regulated use cases. The company's ability to integrate minting, redemption and settlement within a single API environment could reduce friction for institutional clients seeking to deploy stablecoins at scale.

This article is for informational purposes only and does not constitute investment advice.