Ripple has officially minted 12 million RLUSD tokens, making a notable entrance into the booming stablecoin market. The transaction, recorded on the Ethereum blockchain via the RLUSD Treasury, reflects the broader expansion of stablecoin usage and profitability across the crypto industry.

This latest mint comes as total stablecoin supply hits an all-time high of $252 billion, marking a 20-fold increase over the past five years. The surge is more than just a number—it represents a structural shift in how value is transferred and stored across decentralized systems.

RLUSD Minting Signals Ripple’s Stablecoin Push

The minting of RLUSD was flagged by Ripple Stablecoin Tracker, a trusted source of on-chain activity related to the company’s stablecoin developments. Although RLUSD remains in its early phases, Ripple’s recent activity suggests the company is positioning itself to compete with dominant players like Tether (USDT) and Circle (USDC).

With 12 million RLUSD now in circulation, Ripple appears ready to scale its stablecoin operations. If it follows the model of generating yield through U.S. Treasuries or similar instruments, RLUSD could become a meaningful revenue stream for the company.

Tether and Circle Dominate, But DeFi Players Catch Up

Despite RLUSD’s entry, Tether maintains its lead, accounting for 62.5% of total stablecoin supply. According to data from DeFiLlama, Tether earned over $593 million in revenue during the past 30 days, primarily from interest on assets like U.S. Treasuries backing its tokens. Circle, issuer of USDC, followed with $191 million in revenue, indicating the stablecoin model is not just sustainable but highly profitable.

However, it’s not just centralized issuers enjoying the rewards.

DeFi protocols are also capturing significant value. Hyperliquid generated more than $64 million in swap fees, PancakeSwap earned nearly $57 million, and emerging players like Pump, Axiom, and Phantom each surpassed $10 million in earnings. In total, 55 protocols brought in at least $1 million in the last month alone.

This trend signals a shift: stablecoins are no longer just about enabling trades—they’re now engines of revenue for protocols and issuers alike.

From Utility to Profitability: Stablecoins Evolve

The rapid expansion of the stablecoin market is not just driven by speculation. Increasingly, stablecoins are being used for real-world applications like payments, remittances, and decentralized finance (DeFi) services. Their role in generating low-risk yields, particularly when backed by instruments like government bonds, has turned them into powerful financial tools.

The transition from utility to profitability is evident. As more users adopt stablecoins for DeFi, savings, and cross-border transfers, the infrastructure supporting them matures—and profits.

Ripple’s RLUSD could ride this wave. If the company manages to deploy its reserves in a yield-generating strategy akin to Tether’s or Circle’s, it may rapidly grow from a newcomer to a serious contender in the space.

Regulatory Clarity Fuels Growth

The stablecoin sector is also benefiting from recent regulatory developments. The passage of the Genius Act in the U.S. has introduced clearer guidelines for stablecoin issuance and operation. This clarity reduces uncertainty for projects like RLUSD, making it easier to attract institutional interest and expand responsibly.

The presence of a well-defined framework encourages innovation while ensuring that issuers maintain compliance and transparency—factors that are critical as billions of dollars flow into the ecosystem.

What Comes Next for RLUSD and Stablecoins?

Ripple’s latest move shows that the race to capture stablecoin market share is far from over. While Tether and Circle still hold the majority of the supply, the profitability of the sector makes it attractive for new entrants. With RLUSD now on-chain and more minting likely to follow, Ripple is clearly laying the groundwork to expand its footprint.

Meanwhile, the entire stablecoin ecosystem is growing not just in size but in sophistication. More protocols are finding ways to earn revenue, from swap fees to lending interest. Even infrastructure-level platforms like AAVE and Sky are showing consistent returns, indicating that the ecosystem is maturing in a sustainable way.

If current trends continue, stablecoins could become one of the most valuable sectors within crypto—combining utility, liquidity, and steady income. For Ripple and other issuers, the challenge will be differentiating their offerings in a market that’s already highly competitive but still ripe for innovation.