$RLUSD gains spotlight amid 733% surge
Merrick has pointed out that stablecoins, especially $RLUSD, are gaining mainstream appeal amid growing institutional interests and surging use cases for cross-border transactions.
The executive notes that cross-border B2B payments conducted through stablecoins have surged by 733%, reaching $226 billion in global flows.
With Ripple’s backing, $RLUSD has become a top choice among companies turning to blockchain for financial settlements given its ability to reduce foreign exchange costs.
Apart from cross-border settlements, Merrick further stressed that $RLUSD, alongside other stablecoins, is increasingly gaining traction in several other financial use cases, including remittances, payroll automation and corporate treasury management.
As the crypto industry continues to evolve, stablecoins are becoming particularly important in emerging markets as they are increasingly used as a hedge against inflation and currency volatility.
Ripple burns 999,965 $RLUSD on Ethereum
One of the internal drivers of $RLUSD’s growth since its emergence is Ripple’s decisive control of the stablecoin’s circulating supply on both XRPL and Ethereum.
Just recently, Ripple burnt nearly $1 million worth of $RLUSD tokens to reduce its supply from the Ethereum network.
This practice is conducted occasionally to boost the token’s scarcity while driving demand as a way to manage its value.
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