Ripple's Stablecoin Activity Surges with Over 51 Million Units Burned

Ripple's stablecoin RLUSD has been at the center of attention in recent hours due to a surge in activity on the Ethereum blockchain and XRP Ledger. A total of 51 million RLUSD were burned across four transactions, with two of these taking place on the Ethereum network.

The burn events were accompanied by minting activities, where new units of RLUSD were added to circulation. Specifically, 29 million and 14.99 million RLUSD were minted on the Ethereum blockchain in separate transactions.

This is not an isolated incident, as Ripple Stablecoin Tracker reports increased activity for RLUSD throughout March. On March 11, 25 million RLUSD were burned on the XRP Ledger, while 999,965 units were removed from the Ethereum supply through burning.