Ripple Fires Up Stablecoin Mint-and-Burn Cycle on XRP Ledger and Ethereum
Ripple's stablecoin treasury has been moving tens of millions of dollars across the XRP Ledger and Ethereum, with its RLUSD token holding near a $2.4 billion market capitalization.
The Ripple Stablecoin Tracker flagged a new mint of exactly 14,394,224 RLUSD at the RLUSD Treasury on the XRP Ledger, following a separate 10 million RLUSD burn on XRPL and another 15 million RLUSD removal from treasury supply on Ethereum.
These transactions represent about $39.4 million in mint-and-burn activity over just a few days, but it's essential to note that Ripple doesn't publicly disclose the customer or purpose behind each transaction.
This recent XRP Ledger mint shows that XRPL remains an active issuance venue, even as Ethereum carries the larger share of RLUSD supply. RLUSD's overall market capitalization stood near $2.4 billion on Sept 11, with daily trading volume at approximately $114 million.