In a significant development, Ripple announced new issuance and burn operations for its dollar-pegged stablecoin, RLUSD. According to data from Ripple Stablecoin Tracker, 19.6 million new RLUSD tokens were minted using the Ethereum network, adding to a previous issuance of 19 million tokens. This brings the total new supply to 38.6 million RLUSD.
Significant Net Reduction Amid Operations
Simultaneously, several burn operations occurred in the treasury, resulting in the removal of 13 million, 18 million, and 19.6 million RLUSD tokens in separate transactions. In total, 38.6 million RLUSD tokens were minted while 50.6 million were burned, leading to a net reduction of 12 million tokens in circulation.
The Ripple Stablecoin Tracker reveals that recent operations have resulted in 38.6 million RLUSD issued and 50.6 million burned, culminating in a net decrease of 12 million tokens.
The distribution of these operations also highlighted network variations. While burning activities were executed on the XRP Ledger, minting occurred on Ethereum, indicating RLUSD’s multi-network management structure.
Market Valuation and Strategic Moves
According to CoinGecko, RLUSD’s market valuation stands at approximately $2.42 billion. This substantial market presence places RLUSD among the largest dollar-pegged stablecoins. The stablecoin continues to maintain its value closely aligned with the US dollar.
As Ripple aims to widen institutional usage of RLUSD, the observed rise in treasury movements suggests increasing demand and operational readiness within the ecosystem.
Standard Chartered Introduces Institutional Custody Service
In a related advancement, UK-based bank Standard Chartered launched an institutional custody service for RLUSD on the XRP Ledger on October 12. The service is accessible through the bank’s branch at the Dubai International Financial Centre, operating under the regulations of the Dubai Financial Services Authority.
Standard Chartered announced the institutional custody service for RLUSD on the XRP Ledger, available via its Dubai International Financial Centre branch.
Recognized as a prominent global banking entity, Standard Chartered offers custody and post-trade services to corporate clients.
Awaiting Approval for Collateral Utilization
The bank is reportedly collaborating with Ripple and LMAX Group to enable RLUSD’s use as collateral in trading operations. The proposed framework envisions RLUSD tokens held by Standard Chartered being utilized as collateral in institutional trades, without transferring the tokens directly to LMAX.
However, this collateral utilization model awaits implementation, contingent on completing the testing process, preparing final documentation, and acquiring necessary regulatory approvals.
