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The RLUSD tracking account on the X platform (@RL_Tracker) has spotted a gigantic amount of RLUSD stablecoins burned by the Ripple blockchain behemoth during the past ten hours. This seems like the biggest RLUSD burn performed by the company so far since the stablecoin’s launch.
It comes right after the burn detected by the same data source yesterday, when Ripple locked close to one million RLUSD out of circulation.
Ripple makes biggest RLUSD burn after minting 69 million RLUSD
The above-mentioned data source shared that a staggering 10,000,000 RLUSD has been burned at the Ripple treasury in a single move. The burn was conducted on the XRP ledger – one of the two blockchains RLUSD runs on. The second one is Ethereum.
This has so far been the largest single RLUSD burn conducted by the stablecoin issuer. A day before, the company also moved 999,965 RLUSD out of circulation – this RLUSD batch was burned on the Ethereum chain.
Before these two massive burns, Ripple Labs also minted some RLUSD. The minting took place earlier this week: 6,000,000 and 1,000,000 RLUSD on March 9. with 4,500,000 RLUSD coins also burned on March 8.
However, the largest RLUSD mint took place at the beginning of March as Ripple created a breath-taking 69,000,000 RLUSD.
Unlike Tether, which seldom burns USDT, leaving billions of it just circulating in the market, Ripple tries to balance the RLUSD liquidity in the market, continuing its liquidity-on-demand model started with XRP. Therefore, Ripple often burns RLUSD before minting new batches of it.
Ripple bags new key license in Australia: Monica Long
Meanwhile, Ripple has added one more license to its bag as it is about to obtain an Australian Financial Services License (AFSL). Thus, Ripple will be able to expand its work with financial institutions in Australia, opening access to its blockchain platform and offering faster and more efficient transactions than traditional banks do.
Ripple president, Monica Long, commented on that big news, stressing the importance of this milestone: “75+ licenses worldwide and counting. Compliance is how we scale.” Australian clients will be able to access Ripple Payments for real-time settlement, as well as global on- and off-ramps. All of this will be managed end-to-end using the Ripple technology. They will also be able to access and utilize RLUSD.
Dan Burgin
Vladislav Sopov
