Ripple Burns 30 Million RLUSD Stablecoins in Bid to Boost XRP Demand

Ripple has completed a burning transaction, removing 30 million RLUSD stablecoins from circulation on the Ethereum network.

This move is part of Ripple's efforts to maintain a perfect 1:1 backing between RLUSD and USD. The company periodically burns RLUSD to account for redemptions in fiat currencies or internal treasury adjustments.

The burning process has been met with increased adoption of RLUSD, which has seen its market capitalization rise to over $1.7 billion. As a result, the stablecoin is now comfortably situated within the top 50 cryptocurrencies by global market capitalization.