Ripple is making strategic moves to maintain the strength and stability of its RLUSD stablecoin, carrying out its largest token burn in weeks.
Meanwhile, RLUSD adoption is picking up, with businesses and banks beginning to use it for payments and other services.
According to data from Ripple Stablecoin Tracker, over 2.71 million RLUSD tokens were burned on September 9, marking the largest single burn in weeks after a series of reductions over the past two weeks.
According to the tracker, the company burned 1 million RLUSD twice on September 3 and another million on August 29.
These burns are part of Ripple’s standard process for managing RLUSD. The company issues new tokens when demand rises and removes excess supply through burns when dollars return to its reserves, ensuring that RLUSD remains fully backed and stays close to its one-dollar peg.
RLUSD is currently trading near $1, with a market capitalization of over $728 million. Its trading volume has surged to $88.51 million, up 88% in the past 24 hours, as per data from Coinmarketcap. RLUSD is also among the top 10 stablecoins by market cap.
VivoPower International recently announced that its electric vehicle subsidiary, Tembo, now accepts payments in RLUSD stablecoin. The company noted that customers in developing markets often face high fees and slow transfers. By integrating RLUSD, Tembo plans to make international payments faster and cheaper.
However, Attorney Bill Morgan notes that it is accepting only RLUSD payments, and not XRP itself. He also noted that although RLUSD exists on both the XRP Ledger and Ethereum, most of its supply is on Ethereum.
Meanwhile, Ripple is also making big moves in Europe. It has partnered with Spain’s second-largest bank, BBVA, to provide its crypto custody technology, supporting the bank’s new retail crypto trading and storage service for Bitcoin, Ether, and other tokenized assets.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
XRP, the native token of Ripple, has been struggling to regain upward momentum after facing…
The crypto market remains volatile as Bitcoin consolidates above the $108,000 mark, while Solana (SOL)…
The Federal Reserve is widely expected to cut rates in the upcoming meetings. Markets are…
The AVAX price has been steadily gaining traction as Avalanche climbs to the RWA's top…
Last week, Ripple announced a $1 billion acquisition of GTreasury, showing the growing demand for…
Crypto and fintech groups are pushing regulators to protect consumers’ rights over their financial data.…
