Ripple has burned all 185 RLUSD stablecoin tokens from its private beta phase.
Ripple plans to launch the RLUSD stablecoin by the end of 2024.
Ripple executives reassure that the RLUSD stablecoin will complement, not replace, XRP.
Ripple has burned all the 185 RLUSD stablecoin tokens initially issued during its private beta phase. The tokens were sent back to the RLUSD issuer account, effectively taking them out of circulation. This move was confirmed by Vet, an XRP Ledger (XRPL) validator, in a tweet. Following this burn, data from XRPScan confirms that zero RLUSD tokens are in circulation.
The 185 #RLUSD issued got burned by sending it back to the Ripples RLUSD Issuer account!
There is now 0 RLUSD in circulation https://t.co/TLuyvME0cQ pic.twitter.com/H2izLxUIYT
— Vet 
(@Vet_X0) August 28, 2024
Notably, Ripple disclosed plans to enter the stablecoin market back in April to compete with established market players like Tether and Circle. Ripple believes there is room to compete in a market expected to surge to an impressive $2.8 trillion by 2028. The current global stablecoin market sits at over $177 billion.
Ripple plans to unveil the RLUSD stablecoi…
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