As an experienced crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent burning of RLUSD tokens intriguing. The rapid burn rate suggests that something significant might be on the horizon, potentially an official announcement about Ripple’s stablecoin launch.
Almost all Ripple USD (RLUSD) tokens were destroyed on Wednesday, as reported by the Ripple Stablecoin Tracker on the X social media platform.
A total of 46,676,120 RLUSD tokens were burned just within 24 hours.
Some speculate that the recent series of fires (symbolically) could indicate that Ripple is preparing to officially announce the launch of their stablecoin.
The validation tool for the XRP Ledger known as Vet is pointing out that obtaining approval from the New York State Department of Financial Services (NYSDFS) is still a significant challenge to overcome.
In April, a blockchain firm based in San Francisco entered the market of stablecoins, which are cryptocurrencies pegged to the US dollar, with the intention of meeting the increasing interest in this area.
The market capitalization of Tether, the undisputed market leader, recently surpassed the $130 billion mark. Circle’s USDC is also sitting close to $40 billion.
According to U.Today’s reports, Ripple has been conducting trials for their new stablecoin since August, involving only a select group of business associates.
Right from the start, this stablecoin can be found on both the Ripple (XRP) network and Ethereum. Additionally, Ripple has kept open the possibility of expanding its support to other networks down the line.
Recently, Ripple’s President Monica Long revealed that their forthcoming stablecoin would be already adopted by multiple clients at the time of its public unveiling.
At present, there’s no definite timeline for the official launch of the stablecoin. Previously, Long had mentioned that the stablecoin product might be released this year.
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2024-11-28 10:27