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Ripple Burns 30 Million RLUSD Tokens on Ethereum After Market Cap Milestone

The tokens were sent to an irretrievable wallet on May 28, reducing supply on Ethereum after RLUSD reached a new market capitalization milestone.

ETH
RLUSD

Summary

Ripple burned 30 million RLUSD, its U.S. dollar-pegged stablecoin, on the Ethereum blockchain on May 28 by sending the tokens to an irretrievable wallet. The move followed a new market capitalization milestone for RLUSD. Token burns permanently remove coins from circulation and are commonly used to manage supply or support issuance changes across blockchain networks.

Terms & Concepts
  • Token burn: A process that permanently removes cryptocurrency tokens from circulation by sending them to an unusable wallet address.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.
  • Ethereum: A blockchain network that supports digital assets and smart contracts (self-executing blockchain code).