Ripple’s RLUSD Sees Massive Repositioning From XRP Ledger to Ethereum

As the adoption of the Ripple stablecoin $RLUSD continues to grow, it appears that Ripple has continued to reshuffle the tokens to continue pumping the available supply on <a href="https://xpertsstudio.com/ripple-rebalances-1-36-million-in-rlusd-from-xrp-ledger-to-ethereum/” title=”Ripple Rebalances $1.36 Million in RLUSD From XRP Ledger to Ethereum”>Ethereum.

Onchaindatashared earlier today has stirred reactions after revealing an unusual cross-chain movement carrying $RLUSD between the $XRP Ledger and the Ethereum blockchain.

1,363,614.85 $RLUSD shifts between two chains

Notably, the data shows that a total of 1,363,614.85 $RLUSD was burned or sent to an irretrievable wallet on the $XRP Ledger on September 6.

The transaction, which appears to have been carried out by the $RLUSD issuer, Ripple, has the tokens permanently removed from circulation on XRPL.

Nonetheless, further data showed a similar transaction containing the same 1,363,614.85 $RLUSD being minted on Ethereum just a few seconds later.

Following this event, the tokens minted on Ethereum were eventually transferred to an external wallet, suggesting that the movement was likely traceable to Ripple conducting an issuer-side migration or rebalancing of $RLUSD supply between the two networks.

What’s Ripple up to?

While the initial transaction showed that the tokens were being returned to the issuermove saw Ethereum record a massive creation of the same amount of $RLUSD

Rather than the usual move to increase or decrease the available supply of$RLUSDon either blockchain, the move comes with a twist this time as it signals a shift in where existing $RLUSD liquidity is held.

With Ripple moving about $1.36 million worth of $RLUSD from the $XRP Ledger to Ethereum, many believe it could be intended to expand $RLUSD liquidity across supported chains.

Source: cryptonews.net