In a significant move for its stablecoin operations, Ripple executed a major burn of its RLUSD token, removing 25 million tokens from the Ethereum blockchain supply. The transaction was confirmed by the Ripple Stablecoin Tracker X account, which provided the Ethereum transaction hash verifying the burn at the RLUSD Treasury.
The recent 25 million RLUSD burn follows a mint of 6,060,694 RLUSD on the Ethereum blockchain, highlighting a pattern of active supply management. This activity has notably intensified within the last 24 hours, with the tracker reporting three other separate burn transactions. Two of these, involving eight million and three million RLUSD respectively, were also conducted on Ethereum. A third burn, for 15 million RLUSD, was executed on the XRP Ledger, bringing the total for those three transactions to 26 million RLUSD burned.
A fourth transaction reported in recent hours pushes the total RLUSD burned within a single day to a staggering 51 million tokens. This aggressive burning was not an isolated reduction, however, as it was accompanied by significant minting events that added new tokens to circulation. Specifically, 29,000,000 and 14,990,000 RLUSD were minted at the RLUSD Treasury on Ethereum within the same 24-hour period.
This flurry of activity is part of a broader ramp-up for RLUSD throughout March. On March 11, Ripple burned 25 million RLUSD on the XRP Ledger in two transactions (15 million and 10 million) and removed nearly 1 million RLUSD from Ethereum. Furthermore, 7,000,965 RLUSD were minted on Ethereum on March 9, with other days at the start of the month also seeing similar minting or burning events.
In a related regulatory development, Ripple is in the process of obtaining an Australian Financial Services License (AFSL). This addition would bring Ripple's global tally of regulatory licenses to more than 75, solidifying its position as one of the most licensed entities in the cryptocurrency industry.
