Ripple recently conducted multiple burns of Ripple USD (RLUSD) stablecoins after minting almost 50 million RLUSD over the last week. This series of burns came amid Ripple’s warnings to the community about scammers attempting to exploit the still-in-beta project. Ripple remains focused on keeping the launch secure as it continues testing its new stablecoin initiative.
Ripple’s Stablecoin Project in Beta
The blockchain giant, known for launching XRP in 2012, is currently testing RLUSD, a stablecoin pegged to the U.S. dollar and backed by cash reserves. Although there has been on-chain activity, RLUSD is not yet available for purchase or transaction. Ripple has cautioned its community to remain vigilant, as scammers may try to capitalize on the excitement around this new project.
470 Million RLUSD Burned After Recent Minting Spree
According to the Ripple Stablecoin Tracker, Ripple burned several batches of RLUSD—four consecutive burns of 115 and 120 RLUSD batches—following the minting of 47 million RLUSD. These mints were carried out in large quantities, with batches of 10 million and smaller groups of 6 million stablecoins minted over several days.
Originally, Ripple had planned to release RLUSD on both the XRP Ledger and Ethereum. However, the company recently confirmed that the stablecoin will only launch on Ethereum in 2024, with limited functionality on the XRP Ledger. Despite this, Ripple remains committed to bringing RLUSD to the market, with possible future expansions on the XRPL.
Tether’s USDT Still Leading
As Ripple pushes forward with its stablecoin, industry experts, like Gabor Gurbacs, strategic advisor at Tether, have emphasized that Tether’s USDT remains the top stablecoin. USDT’s deep liquidity and global presence give it a strong foothold in the market, despite new competitors like RLUSD emerging.
Ripple’s stablecoin project shows promise, but challenges remain as it works to ensure a secure and smooth public launch. This evolving landscape continues to be a focal point in XRP news.
