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Following
RLUSD Ripple destroys 15 million RLUSD tokens, raising its market value to US$2.42 billion.
Ripple confirmed on the Ethereum blockchain on Thursday that it completed the destruction of 15 million Ripple USD (RLUSD) tokens. It is estimated that the value of the destroyed tokens is approximately US$15 million, and the funds have been transferred from the RLUSD treasury to an empty address in Ethereum.
Recently, RLUSD casting and destruction activities have intensified
Chain data shows that major casting and redemption transactions involving RLUSD have occurred frequently in the past week. On September 8, the market observed that 10 million RLUSDs were destroyed, and approximately 14.39 million RLUSDs were cast shortly thereafter. The day before, September 7, 18 million RLUSD were cast on Ethereum. In addition, 20 million RLUSDs were cast on September 4, compared with 16 million the previous day.
The issuance and destruction of RLUSD reflect institutional needs. When customers redeem positions, the corresponding tokens will be destroyed. Such activity is routine in asset-backed stablecoins and usually does not indicate a negative view of the market on the product.
The market value of RLUSD is growing rapidly
Despite destruction activities, the circulating supply of RLUSD in the stablecoin market remains strong. CoinGecko data shows that as of September 10, the market value of RLUSD was approximately US$2.42 billion. In contrast, its market value on August 18 was only about US$1.76 billion, a significant increase.
If this expansion trend continues, RLUSD is expected to soon surpass other major stablecoins such as PayPal USD (PYUSD) in terms of total market capitalisation.
Ripple's strategic expansion and institutional collaboration
RLUSD has attracted much attention due to its growing institutional use cases. In August, Ripple partnered with Clearpool and Cicada Partners to support the development of an institutional credit fund based on XRP Ledger. The initiative aims to expand the integration and application of RLUSD in the digital asset market.
As a U.S.-based fintech company, Ripple operates the U.S. dollar-pegged stablecoin RLUSD and issues the asset on multiple blockchains to serve the digital finance, payments and lending needs of institutions. The company is committed to positioning RLUSD not only as a payment infrastructure, but also in the areas of tokenization, lending and collateral management in the institutional market.
RLUSD minting and destruction activities reflect real institutional demand: tokens are issued and redeemed based on customer demand, and destroyed tokens represent redemption behavior rather than market bearish signals.
Noun explanation: Clearpool and Cicada Partners, institutional finance projects focusing on blockchain-based credit and lending solutions, are working together with Ripple to promote the integration of RLUSD into the digital asset market.
