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Crypto advocate and XRP enthusiast Bill Morgan highlights a drop in RLUSD supply that had obviously gone under the radar.
Morgan mentioned in a tweet that it seems to have passed largely unnoticed that a large volume of RLUSD has been burnt over the last two weeks.
Morgan highlighted a decrease in RLUSD's total supply from almost 1.6 billion to 1.43 billion within the said time frame. Ripple USD (RLUSD) stablecoin's total supply is now at 1.43 billion, according to CoinMarketCap data. Morgan highlighted the drop in supply from $1.6 billion to $1.43 billion as possibly the biggest in a year.
"It seems to have passed largely unnoticed that there has been a large volume of RLUSD that has been burnt over the last two weeks, possibly its largest decrease in total volume for a year from almost 1.6 billion to 1.43 billion," Morgan wrote. He further asked if this is just healthy liquidity management or something else.
March sees significant RLUSD burning
The month of March has seen significant burning for RLUSD stablecoin. In the last 24 hours alone, 9.6 million RLUSD were burned in two transactions: 4,700,000 RLUSD and 4,900,000 RLUSD were burned at RLUSD Treasury. This trend has been in the last few days, and generally in the month of March.
On March 24, 40,000,000 RLUSD was burned at RLUSD Treasury. March 23 saw four Ripple USD stablecoin burn transactions: 5,758,000 RLUSD; 9,500,000 RLUSD; 10,000,000 RLUSD and 20,000,000 RLUSD burned at the RLUSD Treasury.
On March 20, 9,000,000 RLUSD were burned at RLUSD Treasury. For March 17, 6,000,000 RLUSD; 10,000,000 RLUSD; 7,955,000 RLUSD burned at RLUSD Treasury and 10,400,000 RLUSD burned at RLUSD Treasury.
RLUSD news
Ripple is piloting the use of its RLUSD stablecoin in Singapore's MAS BLOOM sandbox to automate and speed up cross-border trade payments.
In collaboration with supply chain finance firm Unloq, Ripple aims to replace manual trade finance processes with smart, condition-based settlement on XRP Ledger.
In recent listing news, Ripple USD stablecoin (RLUSD) has been listed on Korean crypto exchange Coinone.
Dan Burgin
Vladislav Sopov
