While Ripple has remained consistent in controlling the amount of RLUSD in circulation, it might have just conducted the largest daily RLUSD burn ever.
In the last day, Ripple recorded multiple burn transactions for RLUSD across both Ethereum and the XRP Ledger, sparking discussions across the crypto community.
41 million RLUSD out of circulation
Following consistent token burns, a total of 41 million RLUSD were sent to null addresses within 24 hours, where they can never be retrieved.
The total burn activities happened in four separate transactions. The first two transactions happened consecutively on the XRP Ledger, with Ripple removing 15,000,000 RLUSD each from supply.
Meanwhile, the remaining two RLUSD burns happened separately on the Ethereum blockchain. The transactions carried eight million RLUSD and three million RLUSD respectively, bringing the total burns for the day to a massive 41 million RLUSD.
While numerous amounts of the stablecoin were also minted during the same day, the practice signifies Ripple’s commitment to retain value for the token while rebalancing its liquidity and maintaining stable reserves.
RLUSD sees rising corporate adoption
The massive single-day RLUSD burn recorded yesterday has come amid the growing adoption of stablecoins across the globe. Corporate entities have continued to utilize stablecoins, especially for cross-border payments, remittances, treasury operations and on-chain settlements.
Just yesterday, Ripple disclosed its partnership with the global payment giant Mastercard amid efforts to bring fiat settlements on-chain.
As Ripple continues to adjust RLUSD supply across networks to support growing institutional and market demand, Mastercard has chosen to utilize the token to achieve its mission.
Dan Burgin
Vladislav Sopov
