Ripple Causes Commotion with Massive RLUSD Burn – 2 Million Stablecoins Reduced to Ashes
Ripple has set the XRP community abuzz with a staggering RLUSD burn conducted on Wednesday. This burn marks the first significant token reduction after the company minted a massive 42 million stablecoins in recent times.
The burn took place as part of the ongoing private beta testing of RLUSD which began in August. When two million Ripple-created stablecoins were locked away in an unspendable blockchain wallet, the XRP community responded with a flurry of comments, expressing their enthusiasm and urging Ripple to continue testing their new asset.
According to the Ripple Stablecoin Tracker account on the X platform, a colossal 2,000,000 RLUSD stablecoins were burned at the RLUSD Treasury less than 24 hours ago. Earlier this week, the Treasury burned just under half a million Ripple USD stablecoins in approximately four smaller increments. Prior to initiating this series of token burns, Ripple had issued several batches of RLUSD, totaling 42 million coins.
Among the batches, the largest one consisted of 10 million RLUSD, while the others contained slightly over 6 million stablecoins each. The XRP community displayed its excitement about the burn, with one user exclaiming, “Huge burn. Finally kicked it into 5th gear!”
Recently, the official Ripple account cautioned the XRP community to remain vigilant against scammers claiming that RLUSD is already available and offering to buy it or directing users to websites where it can be obtained. The company emphasized that RLUSD is still in a private beta phase.
In other news, Whale Alert, a prominent blockchain analysis platform, reported that a substantial amount of XRP, nearing 193 million, has been moved in several large transactions over the past 48 hours. Four significant transfers were observed, with 21,160,000 and 19,070,000 XRP sent to centralized exchanges Bitso and Bitstamp, valued at $11,052,822 and $10,107,880, respectively.
Additionally, an anonymous wallet transferred a massive 100,000,000 XRP, worth $53,057,020 at the time of the transaction, to another unknown wallet. Finally, 52,000,000 XRP (equivalent to $27,373,243) mysteriously left the Bybit crypto exchange earlier today.
These substantial XRP transfers, indicating increased whale activity, occurred while XRP, the seventh-largest cryptocurrency by market capitalization, has been experiencing sideways movement in the $0.52 range since October 3.