Gemini has executed a significant redemption of Ripple's RLUSD stablecoin, burning $128 million worth of RLUSD on the XRP Ledger. This process, completed in two transactions on March 31, involved burning $79 million and $49 million in RLUSD to reclaim fiat liquidity from Ripple. As a result, the RLUSD supply on XRPL has decreased to $189 million. Following the burn, Ripple minted 10 million RLUSD on Ethereum, contributing to a total of $44 million minted in the past week. However, RLUSD burns have reached $233.8 million, with $130 million on XRPL and $103.8 million on Ethereum. Despite concerns about Gemini's financial health, the company continues to operate normally, with its main exchange active and no confirmed insolvency.