TLDR

  • In February, Ripple unlocked one billion XRP and later re-locked 700 million XRP into escrow.
  • Ripple transferred approximately 309 million XRP to major cryptocurrency exchanges, including Binance, Bitgo, and Coinbase.
  • The transferred XRP supported exchange-traded funds, trusts, and other investment products.
  • Ripple also sent around 100 million XRP to Ripple Pay corridors to provide payment liquidity.
  • Ripple minted 69 million and 19.655 million RLUSD, with a portion issued to a Gemini-linked wallet.

Following the release of its monthly escrow allocation, Ripple moved hundreds of millions of XRP in February. Data from @XRPwallets outlined how the company distributed part of the one billion XRP that was unlocked. The report detailed transfers to exchanges, payment corridors, and investment products.

XRP Escrow Activity and Exchange Transfers

Under its regular escrow schedule, Ripple unlocked one billion XRP at the start of February. According to @XRPwallets, the company later re-locked 700 million XRP into escrow, noting that Ripple has followed this pattern since early 2018.

In February, Ripple transferred about 309 million XRP to major cryptocurrency exchanges. The largest portion—300 million XRP—went to Binance. Ripple also sent five million XRP to and four million XRP to Coinbase.

@XRPwallets reported that these exchange transfers supported XRP exchange-traded funds, trusts, and other investment products. The account stated that the distributed coins “eventually went to XRP ETFs, XRP trusts and other investments,” with the data directly linking the movements to exchange addresses.

Ripple also directed roughly 100 million XRP to Ripple Pay corridors, which the company uses to provide liquidity for cross-border payments. Ripple Pay previously operated under the name On-Demand Liquidity.

The report confirmed that Ripple repeated the same escrow pattern in March, unlocking one billion XRP and later returning 700 million XRP to escrow. @XRPwallets shared updates on both February and March’s escrow activity on X.

RLUSD Minting and Gemini Collaboration

@XRPwallets also tracked new minting activity involving Ripple’s stablecoin, RLUSD. According to @RL_Tracker, Ripple minted 69,000,000 and 19,655,000 RLUSD on Monday, with the tracker describing the 69 million issuance as the largest RLUSD mint to date.

The account stated that Ripple issued the 19,655,000 RLUSD batch to a wallet linked to Gemini. noted that the wallet belongs to the Winklevosses’ cryptocurrency exchange, with the transaction forming part of a collaboration between Ripple and Gemini announced in November 2025.

Ripple and Gemini stated they would use Mastercard and WebBank to support the initiative, planning to implement RLUSD settlements on the XRP Ledger for fiat card payments. Their first product under the partnership was theXRP Credit Card.

The collaboration aimed to enable faster and more transparent settlements within the traditional financial system, with Gemini intending to process card payments using RLUSD on the XRP Ledger. @XRPwallets linked the recent mint to this previously announced plan.

Since 2018, Ripple has continued its monthly escrow releases. In both February and March, after unlocking one billion XRP each month, the company re-locked 700 million XRP into escrow. @XRPwallets published the latest details on escrow activity and minting earlier today.