According to data from xrpscan, the RLUSD Treasury has burnt 185 Ripple USD (RLUSD) coins in the most recent development. Returning the tokens to the issuer account destroyed them.
There aren’t any tokens circulating on Ethereum or the XRP Ledger right now. Earlier last month, Ripple began testing its stablecoin in private beta. It also mentioned that Ethereum is home to the mainnet version of Ripple USD and disclosed intentions to extend to other blockchains and decentralized finance (DeFi) protocols.
Furthermore, by choosing to burn tokens, Ripple ensures the cryptocurrency startup controls the initial quantity and avoids premature circulation. This is in line with operational and regulatory safeguards. Through this procedure, the issued RLUSD tokens were returned to the issuer account, bringing the total amount in circulation down to zero.
RLUSD Is Not Currently Tradeable
Based on information from XRP Scan, the 185 tokens that were previously indicated started the minting process around a week ago. Currently, the new product is only available to a select group of the company’s corporate partners; as a result, RLUSD cannot be exchanged on exchanges.
Following the beta testing phase, the stablecoin will eventually be accessible to the broader public. The company’s priority is to eliminate any potential problems to ensure a seamless public launch. When Ripple’s stablecoin was first revealed in April, it generated a lot of excitement.
Even though there are currently big competitors in the stablecoin industry, including Tether and Circle, Ripple thinks there is still a lot of room for expansion because the market is predicted to reach an incredible $2.8 trillion by 2028. Remarkably, Ripple representatives have also denied certain speculations that the stablecoin will take the role of XRP.
Development of RLUSD
On August 22, Ripple created 200 RLUSD on the Ethereum network and 185 on the XRP Ledger as the RLUSD coins. This dual-platform strategy demonstrates the goal of testing blockchain stability and interoperability. With a 1:1 peg to the US dollar, every token is guaranteed to reflect actual US dollars kept in reserve.
An impartial third-party agency audits the stablecoin reserves as part of XRP’s commitment to upholding strict transparency requirements. Furthermore, attestations will be given regularly to confirm the accuracy of the supporting documentation.
Furthermore, Ripple has partnered with significant financial institutions in several countries, including China, Hong Kong, and the Philippines. The network incorporates institutions like Standard Chartered Bank and the Agricultural Bank of China.
XRP price surge?
Even though the cryptocurrency industry is experiencing a turbulent period, XRP is seeing significant growth. Donald Trump’s pro-crypto rhetoric and the outcome of the SEC vs. Ripple litigation are two variables that might contribute to the probable spike in XRP. Interest in the cryptocurrency is anticipated to increase over the next few weeks or months.
As of this writing, XRP is trading at $0.5724, down 0.90% from the previous day. Moreover, the volume of crypto trades has decreased by 33.14%.
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