Ripple recently conducted several Ripple USD (RLUSD) stablecoin burns after issuing nearly 50 million RLUSD over the past week. The series of burns comes as Ripple warns the community about scammers attempting to exploit the still-beta project. Ripple remains focused on ensuring the launch is secure while continuing to test its new stablecoin initiative.

Ripple Stablecoin Project in Beta

The blockchain giant, best known for launching XRP in 2012, is currently testing RLUSD, a stablecoin pegged to the US dollar and backed by cash reserves. Despite the activity on the network, RLUSD is not yet available for purchase or transaction. Ripple has warned its community to remain vigilant as scammers may try to profit from the hype surrounding this new project.

470 Million RLUSD Burned After Recent Minting Spree

According to the Ripple Stablecoin Tracker, Ripple has burned multiple batches of RLUSD — four consecutive batch burns of 115 and 120 RLUSD — after minting 47 million RLUSD. These burns were done in large quantities, with batches of 10 million and smaller groups of 6 million stablecoins minted over several days.

Ripple initially planned to launch RLUSD on both the XRP Ledger and Ethereum. However, the company recently confirmed that the stablecoin will only launch on Ethereum in 2024, with limited functionality on the XRP Ledger. Despite this, Ripple still aims to bring RLUSD to market with possible future expansions to the XRPL.

Tether's USDT Still Leads

As Ripple moves forward with its stablecoin, industry experts like Gabor Gurbacs, a strategist at Tether, emphasize that Tether’s USDT remains the best stablecoin. USDT’s deep liquidity and global presence give it a solid foothold in the market, despite the emergence of new competitors like RLUSD. Ripple’s stablecoin project shows promise, but challenges remain as it works to ensure a safe and smooth public launch. This changing landscape continues to be the focus of XRP news. đŸ€*** Support the author Favorite XRP token : rJu2tsxQngnBi2n1UYj3WoDt4f8Pmnd5wz Memo 932390456 #XRP