Ripple has burned over 2.7 million RLUSD tokens, marking a significant event in the stablecoin market. This move is aimed at maintaining balance in token supply.
Burning of RLUSD Tokens by Ripple
On September 9, Ripple burned 2,714,248 RLUSD tokens, marking the largest burn event since late August. Nearly 6 million tokens have been eliminated in total over the past two weeks.
Stability Maintenance Strategy
Burning tokens has become a key part of Ripple's strategy to ensure that the supply of RLUSD aligns with the fiat reserves backing it. This mechanism keeps RLUSD pegged at $1, providing traders with a stable asset.
Launch of XRP Futures Contracts on BitMEX
BitMEX has launched new quarterly futures contracts for XRP, expanding trading options for traders. These contracts allow speculation on XRP prices without owning the underlying asset.
Ripple's actions in burning tokens and launching new financial instruments reflect their ongoing commitment to stability and trust in RLUSD amid rising market activity.
