$RLUSD Sees Massive Repositioning from XRP Ledger to Ethereum

Ripple's $RLUSD stablecoin has seen significant repositioning as it moves from the XRP Ledger to Ethereum, according to recent onchain data.

A total of $1.36 million worth of $RLUSD was burned or sent to an irretrievable wallet on the XRP Ledger on September 6, indicating a permanent removal from circulation on XRPL.

However, just seconds later, the same amount of $RLUSD was minted on Ethereum, followed by its transfer to an external wallet. This unusual cross-chain movement suggests that Ripple is rebalancing the supply of $RLUSD between the two networks.

The shift in liquidity could be intended to expand $RLUSD's availability across supported chains, according to some analysts.