Stablecoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Ripple has excited the XRP community with a massive RLUSD burn performed on Wednesday. It was the first large token burn after the company minted a <a href="https://u.today/ripple-keeps-burning-rlusd-after-minting-42-million-stablecoins">mammoth 42 million stablecoins</a> recently.
This was done as part of the continuous private beta RLUSD has been in since the beginning of August. As two million Ripple-made stablecoins were locked in an unspendable blockchain wallet, the XRP community responded with a wave of comments, showing their enthusiasm and encouraging Ripple to continue testing its new asset.
<h2 id="ripple-burns-2-million-stablecoins">Ripple burns 2 million stablecoins</h2>
According to the Ripple Stablecoin Tracker account on the X platform, a mammoth chunk of 2,000,000 RLUSD stablecoins was burned at the RLUSD Treasury less than 24 hours ago.
Earlier this week, the Treasury burned less than half a million Ripple USD stablecoins in approximately four small chunks. Prior to the start of this cycle of token burns, Ripple had issued several batches of RLUSD, comprising 42 million coins.
The largest of them constituted 10 million RLUSD, and the others contained slightly more than 6 million stablecoins each.
<blockquote>
 Huge burn. Finally kicked it into 5th gear!— Devin (@Dev_Dimmadome) <a href="https://twitter.com/Dev_Dimmadome/status/1844092118928851318?ref_src=twsrc%5Etfw">October 9, 2024</a>
</blockquote> 
Recently, the official Ripple account warned the XRP community to stay vigilant against scammers who claim that RLUSD is already available, offering to buy it or link their wallets to a website where it can be done.
RLUSD is still in private beta, the company reminded the XRP army.
<h2 id="193-million-xrp-on-move">193 million XRP on move</h2>
According to prominent blockchain sleuth Whale Alert, over the past 48 hours, an <a href="https://u.today/272-million-xrp-in-24-hours-after-secs-appeal-whats-happening">impressive amount of XRP</a> has been transferred – close to 193 million XRP, moved in several large transactions.
The aforementioned source spotted four large XRP transfers in the past 48 hours. Chunks of 21,160,000 and 19,070,000 XRP were transferred to centralized exchanges Bitso and Bitstamp. Those XRP batches were worth $11,052,822 and $10,107,880, respectively.
A whopping 100,000,000 XRP valued at $53,057,020 at the time of the initiated transaction were transferred from one anonymous wallet to another. Finally, earlier today, 52,000,000 XRP (the equivalent of $27,373,243) mysteriously left the Bybit crypto exchange.
These large XRP transfers indicative of increased whale activity have taken place while the seventh largest cryptocurrency in terms of market capitalization size (XRP) has been trading sideways over the past week, moving in the $0.52 range since Oct. 3.

Ripple Starts Burning RLUSD Hard – 2 Million Stablecoins Scorched in One Go

Table of Contents

U_Today

Other articles published on Oct 10, 2024

Groundbreaking Altcoin Goes Viral As Polkadot and Ripple Investors Buy In

How Ripple’s Crypto Custody Launch Will Boost XRP Price by 25%

Uniswap (UNI) books 25% weekly gain leading into Unichain launch

Web3 Global Conference Africa Edition: Your Gateway to the Future of Web3

Dubai Takes Action Against Cryptocurrency Companies

JasmyCoin and VeChain Price Analysis: A Second Bull Run in 2024?

Join our free newsletter for daily crypto updates!