According to the $XRP Ripple Stablecoin Tracker account on social media X, almost all of the Ripple USD (RLUSD) tokens were burned on Wednesday.
A total of 46,676,120 RLUSD tokens were burned in 24 hours. Some speculate that the wave of burns could mean that Ripple’s official announcement of a stablecoin could be just around the corner.
Vet, a dUNL validator on the XRP Ledger (XRPL), noted that getting approval from the New York State Department of Financial Services (DFS or NYSDFS) remains a key hurdle.
The San Francisco-based enterprise blockchain company entered the stablecoin market back in April, seeking to meet the growing demand for dollar-pegged cryptocurrencies.
The market cap of Tether, the undisputed market leader, recently surpassed $130 billion. USDC Circle is also approaching $40 billion.
Ripple began testing the new stablecoin back in August with a limited number of corporate partners.
The stablecoin is available on both the XRP Ledger and Ethereum from the start. Ripple has also not ruled out adding support for more networks in the future.
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