Ripple’s highly regulated RLUSD stablecoin has experienced a significant market cap reduction.
As a researcher tracking this stablecoin, I observed a significant event today: over 180 million tokens were burned in just a few hours. This represents the largest single-day reduction in its circulating supply to date, and it’s particularly noteworthy given the growing interest from traditional financial institutions.
A $340 million market cap drop
A recent audit by Deloitte found that RLUSD had approximately $1.56 billion in circulation as of late February.
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As a researcher, I’ve been tracking this token and have observed a significant drop in its market capitalization over the past few weeks, according to data from CoinGecko. Currently, there are 1.28 billion tokens in circulation.
RLUSD’s market cap has now been reduced by $340 million since the late February peak.
A ‘burn’ – the permanent removal of tokens – isn’t always a bad thing. It’s often a normal part of how systems work. For example, Ripple once destroyed (or ‘burned’) RLUSD tokens on the Ethereum network to then release them on the XRP Ledger.
Gemini recently processed a large number of withdrawals at the end of the first quarter. They converted hundreds of millions of dollars worth of assets, which they had previously used to create RLUSD in partnership with Ripple.
Gemini recently exchanged 128 million RLUSD on the XRP Ledger with Ripple, effectively reclaiming the liquidity they originally used to create the RLUSD. This process involved ‘burning’ the RLUSD tokens.
— Vet (@Vet_X0) March 31, 2026
Slipping in stablecoin rankings
Following a recent token burn, Ripple’s RLUSD stablecoin has fallen behind Binance‘s BFUSD in terms of ranking.
Ripple’s RLUSD stablecoin has a long way to go before it reaches the popularity of PayPal’s PYUSD, which is worth over $3.9 billion.
Tether (USDT) is still the leading stablecoin, with a market value of $184 billion. The company recently stated it has engaged a major auditing firm – one of the ‘Big Four’ – to review its finances.
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2026-03-31 23:22