$RLUSD Stablecoin Sees Record-Breaking Burn Amid Soaring Market Capitalization

Ripple has executed a major treasury move by burning 15 million Ripple USD ($RLUSD) tokens, according to an announcement on September 10. The transaction involved transferring $RLUSD worth roughly $15 million from the $RLUSD Treasury to the Ethereum null address and was successfully confirmed on Ethereum earlier that day.

This is not the only recent large-scale move by Ripple involving its stablecoin treasury. In fact, there has been a flurry of minting and redemption transactions in recent days. For instance, on September 8, another 10 million $RLUSD burn was recorded, followed shortly afterward by the minting of approximately 14.39 million $RLUSD.

The $RLUSD stablecoin has seen significant growth in recent times, with its market capitalization standing at around $2.42 billion on September 10, up from roughly $1.76 billion on August 18. This puts it on track to surpass PayPal USD (PYUSD) in the near future.