9,000,000 RLUSD Created on XRP Ledger as Ripple Rebalances Supply

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In the last 24 hours, 9 million Ripple USD stablecoin (RLUSD) was minted on XRP Ledger. This was done in two transactions of 4 million and 5 million RLUSD. This comes amid increased RLUSD activity (both minting and burning) in the month of March. While 9,000,000 RLUSD was minted on XRP Ledger, 10,000,002 RLUSD was burned on the Ethereum blockchain, which might suggest a supply rebalancing. March has seen significant activity for RLUSD as Ripple continues to build a regulatory and institutional credibility layer that turns RLUSD into a settlement asset for enterprise use cases. In the most recent, on March 26, 10,003,333 RLUSD and 5,000,000 RLUSD were minted at Ripple USD treasury on XRP Ledger. The minting was accompanied by RLUSD token burns on the Ethereum blockchain. Six RLUSD burn transactions were reported by Ripple stablecoin tracker: 1,900,000 RLUSD was burned at the RLUSD treasury on XRP Ledger, while the rest of the burns were carried out on the Ethereum blockchain. 💵💵💵💵💵💵 4,000,000 #RLUSD minted at RLUSD Treasury.https://t.co/uC8i1erW33 The transactions are as follows: 4,900,000 RLUSD, 5,000,000 RLUSD, 2,900,000 RLUSD, 25,822,566 RLUSD and 200,000 RLUSD were burned at Ripple USD treasury. Ripple USD stablecoin has a total supply of 1.41 billion RLUSD; a larger part of this supply is on the Ethereum network. In a recent announcement, Ripple is piloting the use of the RLUSD stablecoin in Singapore's MAS BLOOM sandbox to automate and speed up...