XRP Ledger Sees Largest RLUSD Burn Since Inception: Details

The XRP Ledger has recorded its largest RLUSD burn since the stablecoin launched, after a single transaction incinerated 12 million units of the Ripple stablecoin.

The Ripple Stablecoin Tracker, a community-driven account dedicated to tracking minting, redemption, and transfer activities involving Ripple USD (RLUSD), flagged the transaction on April 23. In an X post, it identified the incineration of 12 million RLUSD late Tuesday at the RLUSD Treasury and the minting of the exact amount less than a minute later.

Here’s What Happened

Data from XRPScan shows that at exactly 11:05 (UTC) yesterday, the address in question burned 12 million RLUSD on the XRP Ledger. For context, this transaction typically involves permanently removing the portion of the stablecoin from existence for several purposes, including reducing excess supply and maintaining its 1:1 peg with the US dollar whenever users redeem RLUSD for fiat USD or other tokens.

Interestingly, this is the largest singular RLUSD burn on the XRPL Ledger since the stablecoin launched in December. The last time a hefty RLUSD burn occurred on the blockchain was when Ripple burned 46.7 million RLUSD tokens in a single day in preparation for the stablecoin’s market debut.

Meanwhile, a few seconds later, the RLUSD Treasury replenished the recently incinerated 12 million RLUSD on the Ethereum network. Etherscan shows that 12 million tokens were transferred from a null wallet to a multisignature wallet, “0xFbcA,” created by the Ripple Deployer.

RLUSD Transaction’s Significance

Remarkably, the Tuesday transaction signaled a cross-chain liquidity transfer from the XRP Ledger to the Ethereum network. XRPL dUNL validator Vet confirmed the transaction’s purpose in a tweet today.

They did indeed. Wish bridging via Ripples cross chain transfer protocol would be flagged in a memo.

— Vet (@Vet_X0) April 22, 2025

He noted that the customer who requested the burning and minting of the 12 million RLUSD was moving the stablecoin from one chain to another. This reduces the amount of RLUSD on the XRP Ledger and increases the supply on the Ethereum network, successfully bridging liquidity between the blockchains without increasing the total amount of RLUSD in circulation.

Notably, both chains hold a significant amount of the RLUSD token, with a total cap of $294.4 million, according to CoinMarketCap. However, the Ethereum network has 68% of its total supply, valued at $199.6 million.

Meanwhile, the transaction also came on the back of RLUSD’s availability on the Aave V3 Ethereum core market. Specifically, on April 21, Aave announced that users can now supply and borrow the stablecoin on the network.

Users can now supply and borrow RLUSD, @ripple’s enterprise-grade stablecoin, on the Aave V3 Ethereum Core market. pic.twitter.com/miTyWpn66A

— Aave (@aave) April 21, 2025