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Ripple Burns 2 Million RLUSD Stablecoins in Major Token Burn

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Ripple Strengthens Global Reach Through Unicâmbio Partnership

Ripple excited the XRP community with a significant burn of RLUSD stablecoins on Wednesday, locking away 2 million tokens in an unspendable blockchain wallet. This marks the first major token burn since Ripple minted 42 million RLUSD stablecoins in recent weeks. The burn is part of the ongoing private beta for RLUSD, which Ripple launched in August. The community responded enthusiastically, encouraging Ripple to continue testing its new asset.

Details of the Burn and Previous Minting

Ripple’s Stablecoin Tracker on the X platform reported the burn of 2 million RLUSD stablecoins from the RLUSD Treasury within the last 24 hours. This follows a smaller burn earlier in the week, where Ripple destroyed nearly half a million RLUSD in four separate transactions. 

Related article: Ripple’s RLUSD Stablecoin Set to Enhance XRP Use Cases in DeFi

Prior to the burn cycle, Ripple had issued several batches of RLUSD, totaling 42 million coins. The largest batch consisted of 10 million stablecoins, with others containing slightly more than 6 million RLUSD each.

Ripple has cautioned its community against scammers who claim that RLUSD is already available for purchase. The company reminded users that RLUSD remains in private beta. It urged the XRP community to avoid linking their wallets to any fraudulent sites offering access to RLUSD.

Significant XRP Transfers Amid Whale Activity

Meanwhile, Whale Alert, a prominent blockchain tracker, reported substantial XRP transfers over the past 48 hours. Around 193 million XRP moved in several large transactions, indicating increased whale activity. 

Related article: Ripple Releases 1 Billion XRP from Escrow, Boosting Token Price by 3%

Transfers included chunks of 21 million and 19 million XRP sent to Bitso and Bitstamp, worth approximately $11 million and $10 million, respectively. Additionally, 100 million XRP valued at $53 million were transferred between two anonymous wallets. 

Bybit exchange saw 52 million XRP, valued at $27 million, withdrawn earlier today. Despite this increased activity, XRP has been trading sideways in the $0.52 range since October 3.

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