RLUSD: Ripple Burns 185 Tokens as Stablecoin Awaits Public Release
- WBOYOriginal
- 2024-08-29 18:09:22924browse
In the latest development, data from xrpscan reveals that 185 Ripple USD (RLUSD) tokens have been burned at the RLUSD treasury.
A recent development has seen 185 Ripple USD (RLUSD) tokens burned at the RLUSD treasury, according to data from xrpscan. The tokens were destroyed by sending them back to the issuer account, leaving no tokens in circulation on either the XRP Ledger or Ethereum.
Earlier this month, Ripple began testing its stablecoin in a private beta. The company announced that the mainnet version of Ripple USD is available on Ethereum, with plans to integrate it with other blockchains and decentralized finance (DeFi) protocols in the future.
According to xrpscan, the minting process began about a week ago with the 185 tokens mentioned above. Currently, the stablecoin is accessible to some of Ripple's enterprise partners, but it is not yet available for trading on exchanges.
After the beta testing phase, the stablecoin will be made available to the public. To ensure a smooth launch, Ripple is focusing on eliminating any potential issues before opening up RLUSD for broader use.
In April, Ripple's stablecoin announcement generated significant excitement. Despite the presence of major players like Tether and Circle in the stablecoin market, Ripple anticipates substantial growth, with some market projections indicating a potential surge to $2.8 trillion by 2028.
Meanwhile, XRP continues to make gains in the crypto market, which is experiencing an unpredictable landscape. Several factors could contribute to a possible XRP price surge, including positive crypto narratives from Donald Trump and the conclusion of the SEC vs. Ripple lawsuit, which may rekindle interest in the altcoin.
While most high-cap cryptocurrencies have experienced growth over the past year, XRP has seen minimal gains. In fact, over the last 12 months, XRP has risen by only 10%, slipping to the sixth position on the global crypto chart by market cap. Considering this lackluster performance, a price correction for XRP seems overdue.
In contrast, top meme coins have outperformed XRP with remarkable gains. Over the last year, Pepe has surged by 600%, and Bonk has seen an incredible 7000% increase. Newcomers like Dogwifhat have also had a strong year, with WIF climbing by 1200%.
However, it remains to be seen whether established meme coins like Dogecoin, Shiba Inu, and Pepe can continue to outperforming XRP in the upcoming bull cycle.
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