In accordance with a first aspect of the present disclosure, a radio frequency identification (RFID) transponder is provided, comprising a modulator and a controller, wherein: the modulator is configured to generate a modulated signal to be transmitted to an external RFID reader; the controller is configured to regulate an input voltage for the modulator, resulting in a regulated input voltage, and to feed said regulated input voltage to the modulator. In accordance with a second aspect of the present disclosure, a corresponding method of operating a radio frequency identification (RFID) transponder is provided.