Ripple Burns RLUSD Tokens as Stablecoin Enters Final Testing Phase.
NAIROBI (CoinChapter.com)— Ripple is on the verge of launching its stablecoin, Ripple USD (RLUSD), which is pegged to the U.S. dollar. First announced in April, RLUSD will operate on the XRP Ledger (XRPL) and Ethereum networks.
Although the official launch is anticipated later this year, Ripple has not yet confirmed a specific release date.
Ripple Burns Initial RLUSD Tokens After Beta Testing
Last week, Ripple minted 185 RLUSD tokens with a transaction fee of 0.000135 XRP. On Aug. 28, Ripple burned this initial batch, incurring a slightly higher fee of 0.00036 XRP, according to XRP Scan.
RLUSD burn. Source: XRP Scan
Updates on the RLUSD burn have fueled speculation about the stablecoin’s imminent launch. Users noted that RLUSD is in “beta mode” and will likely launch soon.
Stablecoin Market Expands as RLUSD Enters the Scene
The stablecoin market is expanding at the same time that RLUSD is launched. As of Aug. 30, stablecoins had a market capitalization of over $170 billion, with Tether (USDT) holding the largest share at over $118 billion and USDC at about $34.5 billion.
Ripple plans to capitalize on the growing stablecoin market, with RLUSD pegged 1:1 to the U.S. dollar and projections estimating the market could reach $2.8 trillion by 2028.
Rodford bullish on XRP Ledger’s $30T prediction. Source: X
Graham Rodford, CEO of Archax, remains bullish on XRP Ledger. In Feb. 2024, he predicted that the XRP Ledger would attract a $30-50 trillion flow by 2025.
What’s Next for Ripple’s Stablecoin?
Ripple’s stablecoin, RLUSD, is not available to the general public; only a few corporate partners had access during the testing phase. Ripple will provide more information at the Swell event in Miami on Oct. 15–16, 2024.
Ripple Swell event’s announcement. Source: X
Ripple partnered with Standard Chartered and the Agricultural Bank of China to launch RLUSD, which aims to boost liquidity and ease cross-border transactions in the Philippines and China.
RLUSD will enhance market liquidity and offer developers a stablecoin, supporting growth in the XRPL’s decentralized exchange (DEX) and RippleNet’s DeFi ecosystem.
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