In the latest development, data from xrpscan reveals that 185 Ripple USD (RLUSD) tokens have been burned at the RLUSD treasury. The tokens were destroyed by being sent back to the issuer account.
Currently, no tokens are circulated on the XRP Ledger or Ethereum. Ripple had started testing its stablecoin in private beta earlier this month. It had also stated that the mainnet version of Ripple USD is also available on Ethereum, and revealed plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time.
RLUSD Not Yet Available For Trading
The minting process began roughly a week ago with the previously mentioned 185 tokens, according to data provided by XRP Scan. For now, some of the company’s enterprise partners can gain access to the new product, which means that RLUSD cannot be traded on exchanges.
The stablecoin will eventually become available to the general public after the Beta testing stage. 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 hype.
Although the stablecoin market already has major players such as Tether and Circle, Ripple believes that there is much more room for growth as the market is expected to surge to a whopping $2.8 trillion by 2028. Notably, Ripple executives have also dismissed some rumors that the stablecoin is going to replace XRP.
XRP Price Set For A Massive Surge?
While the crypto market is experiencing an unpredictable landscape, XRP is making impressive gains. Several factors behind the potential surge of XRP include Donald Trump’s crypto-friendly narratives and the conclusion of the SEC vs. Ripple lawsuit, which is expected to revive interest in the altcoin over the next few weeks or months.
While most high-cap cryptocurrencies have grown over the past year, XRP has been a letdown. Notably, XRP has pumped only 10% in the last 12 months and has slipped to sixth position on the global crypto chart in terms of market cap. Therefore, a price correction is long overdue for XRP.
Top meme coins have outperformed XRP with impressive gains. For instance, Pepe has climbed 600% in a year, while Bonk has risen 7000%. Newcomers like Dogwifhat have also had a great year. WIF has surged 1200% over the last twelve months. However, it is too early to tell whether top meme coins like Dogecoin, Shiba Inu, and Pepe can outperform XRP in the next bull cycle.
