Gemini burns 128M RLUSD on XRP Ledger in liquidity recovery

Cryptocurrency exchange Gemini burned 128 million RLUSD on the XRP Ledger (XRPL) on March 31 to recover liquidity, The Crypto Basic reported. XRPL validator Vet explained that the move was a normal procedure for Gemini to reclaim liquidity used in minting RLUSD with Ripple, adding that Ripple repaid the corresponding fiat currency to Gemini after the burn. The outlet noted that while the burn sparked some speculation about Gemini's financial health, the exchange has stated that all its services are operating normally and user funds are secure.