Ripple's RLUSD Treasury Activity Sees 15M Token Burn

Ripple's RLUSD stablecoin continues to see significant activity in its treasury, as the company has burned another 15 million tokens. This move comes after several large mints earlier this month, which increased the stablecoin's supply.

The 15 million tokens worth approximately $15 million were transferred from the RLUSD Treasury to an Ethereum null address on September 10, permanently removing them from circulation.

This type of activity is not uncommon for dollar-backed stablecoins like RLUSD. Tokens can be issued when customers need RLUSD and removed when holders redeem them. A burn does not necessarily mean demand for the stablecoin is weakening.

Despite recent supply reductions, RLUSD's market capitalization has continued to climb. According to data, the chain's market cap stood at about $2.42 billion at press time, up from about $1.74 billion on August 18.