According to a recent update, 185 Ripple USD (RLUSD) tokens have been burned at the RLUSD Treasury.
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.
Tomiwabold OlajideThe 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.
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.
Valeria Blokhina
Godfrey Benjamin
Vladislav Sopov
Dan Burgin
U.Today Editorial Team