- Ripple has burned all 185 RLUSD stablecoin tokens from its private beta phase.
- Ripple plans to launch the RLUSD stablecoin by the end of 2024.
- Ripple executives reassure that the RLUSD stablecoin will complement, not replace, XRP.
Ripple has burned all the 185 RLUSD stablecoin tokens initially issued during its private beta phase. The tokens were sent back to the RLUSD issuer account, effectively taking them out of circulation. This move was confirmed by Vet, an XRP Ledger (XRPL) validator, in a tweet. Following this burn, data from XRPScan confirms that zero RLUSD tokens are in circulation.
Notably, Ripple disclosed plans to enter the stablecoin market back in April to compete with established market players like Tether and Circle. Ripple believes there is room to compete in a market expected to surge to an impressive $2.8 trillion by 2028. The current global stablecoin market sits at over $177 billion.
Ripple plans to unveil the RLUSD stablecoin before 2024 ends, and the private beta phase that saw the issuance of 185 RLUSD tokens was part of the underground efforts to make the launch a success.
Meanwhile, during the wait for RLUSD’s official unveiling, some bad actors have falsely claimed that RLUSD is already live, attempting to defraud unsuspecting individuals. Ripple executives and industry influencers have urged caution, stressing the importance of verifying information through official channels to avoid falling victim to scams.
The latest update from Vet regarding the burning of the previously issued 185 RLUSD coins aims to clarify that no Ripple stablecoin is currently in circulation and that any claims suggesting otherwise are incorrect.
There have been concerns among members of the XRP community about the future of XRP as Ripple introduces a stablecoin for cross-border payment services. Some community members worry that RLUSD could potentially replace XRP in Ripple’s payment ecosystem, which could negatively impact XRP.
However, Ripple executives, including CEO Brad Garlinghouse and CTO David Schwartz, have reassured the community that RLUSD will complement XRP rather than harm it.
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