Ripple Burns $12 Million in RLUSD Tokens, Nears $300M Market Cap

Ripple has taken a decisive action by burning 12 million Ripple USD (RLUSD) tokens. This strategic move aims to manage the stablecoin’s supply and maintain a balanced ecosystem. Shortly after the burn, an equivalent amount was minted to address growing demand for RLUSD. The market capitalization of this stablecoin is nearing $300 million. Ripple aims to increase its market position by becoming one of the top five most capitalized stablecoins by year-end.