9,890,000 RLUSD Burned on Ethereum Chain by Ripple

The @RL_Tracker account on the X platform, which tracks down the minting and burning transactions of the RLUSD stablecoin, has announced that, around an hour ago, San Francisco-based blockchain behemoth Ripple disposed of nearly 10 million RLUSD stablecoins.

9.8 million RLUSD go up in flames

Ripple has burned 9,890,000 RLUSD by locking this crypto batch in an unspendable wallet. The transaction took place on the Ethereum chain — one of the two networks on which Ripple launched the stablecoin. XRP Ledger is the second one.

Prior to this burn, @RL_Tracker spotted several massive transactions, where RLUSD tokens were both minted and burned. One day ago, Ripple minted a staggering 79,000,000 RLUSD on XRP Ledger. After that, around half of this amount, 49,084,862 RLUSD, was removed from circulation.

In other news, Ripple has announced that RLUSD has gone live on one of the largest crypto exchanges in South Korea, Coinone. It will be trading against the Korean Won (KRW).

Binance CEO elaborates on $316 billion stablecoins on market

In a recent X post, CEO of Binance Richard Teng stated that the overall circulating supply of stablecoins on the market comprised approximately $316 billion. Teng revealed three main drivers that are extending the stablecoin supply.

Those are “real yield opportunities,” “payments infrastructure” and “institutional adoption post-Genius Act.”

The Genious Act that was signed into law last summer introduced the first federal stablecoin network, under which each stablecoin is to be backed 1:1 by dollar reserves. However, it assumes no direct yield payouts to holders by issuers.

The Clarity Act is being discussed by lawmakers at the moment. Banks are interfering since the stablecoin yield model interrupts the banking system, posing intense competition and offering better yields to users than banks do. Besides, stablecoins contribute to DeFi’s economics, and DeFi is also a rival to the traditional banking system, with its high intermediary and transaction fees. Stablecoins are minted on various chains. The main one is Ethereum, but USDT and USDC are now minting on a dozen other blockchains. Tron and Cardano also offer stablecoins, as well as Ripple.