Ripple Removes 25 Million RLUSD From Ethereum Supply as Token Burning Continues

In a recent update shared by Ripple stablecoin tracker X account, 25,000,000 RLUSD were burned at the RLUSD Treasury. The transaction details supplied revealed an Ethereum transaction hash supplied by Ethereum, indicating the burn was performed on the Ethereum blockchain.

The recent burn follows a mint of 6,060,694 RLUSD on Ethereum blockchain, with the blockchain seeing a string of minting and burning events, especially in the last 24 hours. 

Within the last 24 hours, Ripple stablecoin tracker reported three other separate burn transactions: two were on the Ethereum blockchain, while the third was on the XRP Ledger.

Two separate transactions saw a burn of eight million Ripple USD  and three million Ripple USD on Ethereum, respectively, while 15 million RLUSD were burned on the XRP Ledger. This totals 26 million RLUSD burned in these three transactions. 

A fourth transaction reported in recent hours brings this total to 51 million RLUSD burned all within the last 24 hours. 

Meanwhile, the burn activity did not happen separately, as it was accompanied by mint events, with more RLUSD entering circulation.

In the last 24 hours, 29,000,000 RLUSD and 14,990,000 RLUSD were minted at the RLUSD Treasury, adding to the Ethereum supply.

RLUSD activity ramps up in March

Ripple Stablecoin Tracker documents increased activity for RLUSD so far in the month of March, with a number of minting and burn events.

On March 11,  25 million RLUSD were burned on the XRP Ledger in two separate transactions of 15 million and 10 million RLUSD, while 999,965 RLUSD were removed from the Ethereum supply through burning. A total of 7,000,965 RLUSD were minted on Ethereum on March 9, with other days at the start of March also seeing RLUSD activity — either minting or burning. 

In a recent development, Ripple is obtaining an Australian Financial Services License (AFSL). With this, Ripple now has more than 75 regulatory licenses around the world, making it one of the most licensed crypto companies.