The #XRP Ledger has recorded its largest RLUSD burn since the stablecoin launched, after a single transaction incinerated 12 million units of the Ripple stablecoin.
The Ripple Stablecoin Tracker, a community-driven account dedicated to tracking minting, redemption, and transfer activities involving Ripple USD (RLUSD), flagged the transaction on April 23. In an X post, it identified the incineration of 12 million RLUSD late Tuesday at the RLUSD Treasury and the minting of the exact amount less than a minute later.
Here’s What Happened
Data from XRPScan shows that at exactly 11:05 (UTC) yesterday, the address in question burned 12 million RLUSD on the XRP Ledger. For context, this transaction typically involves permanently removing the portion of the stablecoin from existence for several purposes, including reducing excess supply and maintaining its 1:1 peg with the US dollar whenever users redeem RLUSD for fiat USD or other tokens.
Interestingly, this is the largest singular RLUSD burn on the XRPL Ledger since the stablecoin launched in December. The last time a hefty RLUSD burn occurred on the blockchain was when Ripple burned 46.7 million RLUSD tokens in a single day in preparation for the stablecoin’s market debut.
Meanwhile, a few seconds later, the RLUSD Treasury replenished the recently incinerated 12 million RLUSD on the Ethereum network. Etherscan shows that 12 million tokens were transferred from a null wallet to a multisignature wallet, “0xFbcA,” created by the Ripple Deployer.
RLUSD Transaction’s Significance
Remarkably, the Tuesday transaction signaled a cross-chain liquidity transfer from the XRP Ledger to the Ethereum network. XRPL dUNL validator Vet confirmed the transaction’s purpose in a tweet today.
He noted that the customer who requested the burning and minting of the 12 million RLUSD was moving the stablecoin from one chain to another. This reduces the amount of RLUSD on the XRP Ledger and increases the supply on the Ethereum network,
bridging liquidity between blockchains......
#Crypto
