XRP News: Ripple Burns 470 Million RLUSD Stablecoins Amid Beta Testing of Project#BecomeCreator
The post XRP News: Ripple burns 470 million RLUSD stablecoins amid beta testing project appeared first on Coinpedia Fintech News
Ripple recently conducted multiple burns of its Ripple USD (RLUSD) stablecoin after minting nearly 50 million RLUSD over the past week. This series of burns comes amid Ripple’s warnings to the community about scammers attempting to exploit the project while it is still in beta. Ripple remains focused on keeping the launch safe while it continues testing its new stablecoin initiative.
Ripple Stablecoin Project in Beta
The blockchain giant, known for launching XRP in 2012, is currently testing RLUSD, a stablecoin pegged to the US dollar and backed by cash reserves. While there has been activity on-chain, RLUSD is not yet available for purchase or trading. Ripple has warned its community to remain vigilant as scammers may try to capitalize on the excitement surrounding this new project.
470 Million RLUSD Burned After Recent Minting Spree
According to the Ripple Stablecoin Tracker, Ripple burned multiple batches of RLUSD — four consecutive batch burns of 115 and 120 RLUSD — after minting 47 million RLUSD. These mintings were carried out in large quantities, with batches of 10 million and smaller groups of 6 million stablecoins minted over the course of several days.
Ripple had originally 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 remains committed to bringing RLUSD to market, with possible future expansions on the XRPL.
Tether’s USDT still leads
As Ripple moves forward with its stablecoin, industry experts such as Tether’s strategic advisor Gabor Gurbacs have emphasized that Tether’s USDT remains the leading stablecoin. USDT’s deep liquidity and global presence give it a strong position in the market, despite the emergence of new competitors such as RLUSD. Ripple’s stablecoin project shows promise, but challenges remain as it works to ensure a safe and smooth public launch. This evolving landscape continues to be a focal point in XRP news.#BecomeCreator $BNB $XRP
