Ripple Executes Major RLUSD Burns, Destroying Over 2.7 Million Tokens

Ripple has recently conducted several large burns of the stablecoin RLUSD, removing millions from circulation. The most significant recent transaction involved the burning of over 2.7 million RLUSD tokens.

Key Points

Over 2.7 million RLUSD were burned in a single transaction, marking the largest burn in recent weeks.
Recent burns include two transactions of 1 million RLUSD each on September 3 and another of the same amount on August 29.
Total burned supply reached approximately six million RLUSD tokens.
Despite these burns, new issuances continue, with 312,000 RLUSD minted recently.
The minting and burning cycle is part of Ripple's strategy to manage RLUSD supply according to market demand.
RLUSD maintains a 1:1 peg to the US dollar, backed by fiat reserves with regular attestations.
Current total supply stands at about 728.7 million tokens, with a market cap of $728 million and trading volume exceeding $87 million in the past 24 hours.

Ripple

This activity reflects Ripple's ongoing management of RLUSD, similar to practices by other stablecoin issuers, ensuring the stablecoin remains fully collateralized and responsive to market conditions.