Advertisement
AD

Main navigation

Ripple Burns Stablecoin Tokens

Advertisement
Thu, 29/08/2024 - 5:53
Ripple Burns Stablecoin Tokens
Cover image via www.freepik.com
Read U.TODAY on
Google News

According to a recent update, 185 Ripple USD (RLUSD) tokens have been burned at the RLUSD Treasury.

Advertisement

The tokens were destroyed by sending them back to the issuer account. There are no tokens in circulation on the XRP Ledger or Ethereum as of now.

As reported by U.Today, Ripple started testing its stablecoin in private beta earlier this month. 

Related

Advertisement

The minting process began roughly a week ago with the aforementioned 185 tokens, according to data provided by XRP Scan.  

For now, some of the company's enterprise partners are able to gain access to the new product. This, of course, means that RLUSD cannot be traded on exchanges. 

Related

Following the beta testing stage, the stablecoin will eventually become available to the general public. 

The company is currently focused on ensuring a smooth general launch by eliminating possible issues. 

Ripple's stablecoin was initially announced back in April to much fanfare.

Even though the stablecoin market is already crowded with such major players as Tether and Circle, Ripple appears to believe that there is much more room for growth since the market is expected to swell to a whopping $2.8 trillion by 2028.

Ripple executives have also dismissed some claims that the stablecoin is going to replace XRP. Earlier, some industry observers suggested that the stablecoin announcement had marked the death of the controversial token associated with the company. 

As reported by U.Today, Ripple President Monica Long stated that the RLUSD token was on track to be rolled out in 2024. However, it is not clear when the beta testing phase is going to be over. 

Apart from the XRP Ledger and Ethereum, the stablecoin might also end up being launched on other networks. 

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD