As an analyst with over a decade of experience in the digital asset market, I find myself intrigued by Ripple’s latest move to burn 185 RLUSD tokens and commence private beta testing for its stablecoin. This strategic decision indicates that Ripple is not only actively participating in the competitive stablecoin landscape but also taking necessary steps to ensure a smooth launch.
According to a recent update, 185 Ripple USD (RLUSD) tokens have been burned at the RLUSD Treasury.
1. The tokens were annihilated by returning them to the original sender’s account, leaving no tokens circulating on the XRP Ledger or Ethereum network at this moment.
As reported by U.Today, Ripple started testing its stablecoin in private beta earlier this month.
The minting process began roughly a week ago with the aforementioned 185 tokens, according to data provided by XRP Scan.
Currently, certain business associates of our company have been granted permission to utilize the latest product we’ve developed. Consequently, it’s important to note that RLUSD stocks are not available for trading on any stock exchanges at this time.
After the beta testing phase, the stablecoin will ultimately be accessible to the wider public.
Currently, the company is working diligently to make sure that the upcoming launch runs smoothly, by addressing and resolving any potential problems.
Ripple’s stablecoin was initially announced back in April to much fanfare.
Despite the current bustling landscape of stablecoins dominated by heavyweights like Tether and Circle, Ripple seems optimistic about further expansion opportunities. They believe that the market could potentially expand significantly, reaching an impressive $2.8 trillion by 2028.
Ripple executives have also dismissed some claims that the stablecoin is going to replace XRP.
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2024-08-29 09:06