In recent hours, $0 RLUSD was burned, with this rare incident now drawing attention. According to the Ripple stablecoin tracker website, $0 in RLUSD has been burned so far on June 29, while $959,000 worth has been minted.
This incident draws attention, given the fact that in recent months, RLUSD has seen a rare day of zero burns.
While the stablecoin saw a few days of zero minting, it rather saw burns as Ripple USD adjusted its supply mechanics. As a key result of this, the XRP Ledger now has more RLUSD on-chain than Ethereum.
It might be too early to declare a “zero burn” day; further RLUSD transactions will be watched to see if any burns will be carried out and whether this rare trend will be confirmed.
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Ripple USD’s circulating supply now stands at $1.56 billion, down from the peak of $1.7 billion reached in prior months.
RLUSD developments
In a recent development, the XRP Ledger has overtaken Ethereum as the largest host of RLUSD supply, with $810 million on the XRP Ledger while Ethereum holds $759 million.
Observers point out that demand for RLUSD on the XRP Ledger remains stable while a large number of customer redemptions (burns) happened on Ethereum, leading up to this development.
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The XRP community cheers this recent development, given that RLUSD has been a key driver of adoption for the XRP Ledger. Many institutions and exchanges demand RLUSD, and because it is also natively issued on the XRPL, they also integrate the XRP Ledger infrastructure. This means other assets issued on the XRP Ledger find it easier to be integrated with those platforms and institutions.
In a major milestone over the past week, RLUSD has been greenlit for usage in Japan after clearing the country’s financial regulator, giving the stablecoin entry into one of Asia’s most tightly regulated crypto markets.
The Japan Financial Services Agency approved RLUSD as a new type of electronic payment instrument under the country’s Payment Services Act, a category intended for foreign-issued stablecoins that meet Japanese standards.
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