By cryptoadmin Ripple has burned another 10 million $RLUSD tokens, extending a series of treasury supply reductions that have steadily reduced the circulating supply of its U.S. dollar-backed stablecoin.
According to blockchain data shared by the Ripple Stablecoin Tracker, 10 million $RLUSD were sent to a null address from the $RLUSD Treasury on Tuesday. This means that the token got removed from circulation.
The latest burn follows a string of nearly identical treasury operations over the past week.
The tracker reported 10 million $RLUSD burns on July 13, July 10 (twice), July 9, July 8, July 7, and July 6. The most recent mint took place on July 6 (Ripple created 20 million $RLUSD).
$RLUSD's market cap falls from its peak
The repeated burns have coincided with a decline in $RLUSD's circulating supply.
According to CoinGecko data, $RLUSD currently has a market capitalization of approximately $1.52 billion.
This is a notable decline from late May, when $RLUSD's market capitalization briefly climbed to around $1.9 billion.
$RLUSD's circulating supply has contracted by roughly $380 million, or about 20%, from its peak.
Fiat-backed stablecoins such as $RLUSD regularly undergo minting and burning operations to align the circulating supply with customer demand. New tokens are minted when institutional customers deposit dollars to issue additional stablecoins. At the same time, tokens are burned when users redeem $RLUSD for U.S. dollars.
It is worth noting that treasury burns do not necessarily indicate weakening adoption.
$RLUSD's recent wins
Ripple has continued expanding $RLUSD's utility across various sectors. Earlier today, Ripple announced it had joined the Linux Foundation's new organization to integrate stablecoin payments for AI agents.
Ripple said AI agents can already transact using $RLUSD through x402 on the XRP Ledger, as the company works to establish open standards for autonomous machine-to-machine payments.
On Monday, the company announced that its Ripple Effect initiative with Hire Heroes USA would use funding made possible through an $RLUSD donation to provide $250,000 in grants.