Fintech firm Ripple continues to advance its stablecoin testing efforts. Ripple revealed plans to introduce a U.S. dollar stablecoin in April of this year, taking on a $150 billion market dominated by Tether and Circle.
in August, Ripple announced a major milestone in its stablecoin launch plans, making the RLUSD stablecoin available for private beta testing on XRP Ledger and the Ethereum mainnet.
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RLUSD will be pegged to the U.S. dollar (USD) and fully backed by U.S. dollar deposits, short-term U.S. government treasuries and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish attestations monthly.
100 RLUSD tokens burned
Over the last 24 hours, Ripple burned 100 RLUSD tokens, a move reported by the Ripple USD stablecoin tracker, marking a significant step in the ongoing development and testing of the RLUSD stablecoin.
đ„đ„đ„ 100 #RLUSD burned at RLUSD Treasury!https://t.co/dBVlP3QoXt
â Ripple USD (RLUSD) Tracker (@RLUSD_TRACKER) August 29, 2024
This would not be the first time Ripple will be performing the RLUSD stablecoin burn; on Aug. 29, 200 RLUSD were burned at the RLUSD treasury.
As reported, the Ripple USD stablecoin marked a historic milestone with its first-ever mint on the Ethereum mainnet.
The burning of the RLUSD tokens remains a significant event in the context of Ripple's stablecoin testing. The recent token burn has been met with positive reactions, as many interpreted this action to indicate progress in RLUSD testing, showing that Ripple is committed to refining the functionality of its stablecoin.
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As Ripple progresses with its stablecoin testing, further developments and token burns may occur. These actions will be closely monitored by the market and the community, shaping the future trajectory of the RLUSD stablecoin.
As testing progresses, users should bear in mind that RLUSD is not available for purchase or trading, so be wary of scammers who claim they have or can distribute Ripple USD.
