Ripple stablecoin burn rate skyrockets
Summary ⚈ 12 million RLUSD were burned on April 22 in a record transaction. ⚈ The burn was part of a cross-chain transfer from XRP Ledger to Ethereum. ⚈ RLUSD supply moved for liquidity reasons, not due to a deflationary mechanism change. At 11:05 PM UTC on April 22, the largest Ripple USD (RLUSD) burn thus far occurred. To be precise, data retrieved by Finbold from Xrpscan shows that 12,000,000 units of the Ripple stablecoin were burned. Ripple stablecoin burn transaction details. Source: Xrpscan RLUSD uses the same burn mechanism that XRP does — a small fee, to the tune of 0.00001 units of the token, is permanently removed from circulation. Obviously, this burn is a stark departure from that. However, this doesn’t mean that the Ripple stablecoin has switched to a new model of supply management. What really happened with the Ripple stablecoin burn A short, succinct, and simple explanation was given by pseudonymous XRP dUNL validator Vet in...