Finance

Token Burns Signal Ripple Stablecoin Launch

2 days ago
Bitcoin Ethereum News

Ripple, the leading blockchain and cryptocurrency company, is inching closer to launching its highly anticipated stablecoin, Ripple USD (RLUSD). According to the recent statements from CEO Brad Garlinghouse, the launch is expected to take place within weeks. 

Beta Testing update

With the latest developments, Ripple burned 24 RLUSD tokens on the XRP Ledger blockchain and 64 RLUSD tokens on the Ethereum-based blockchain. This move demonstrates the company’s focus on redefining the token minting and burning process. 

XRP’s stablecoin will operate on both XRPL and Ethereum blockchains simultaneously, with potential expansion to other networks in the future. 

Key features of the RLUSD

  • 100% backed by USD Deposits: RLUSD will be fully backed by USD deposits, short-term US government treasuries, and other cash equivalents.
  • Enterprise Grade and Compliance First: XRP promises its stablecoin will prioritize its compliance and enterprise-grade solutions.
  • Transparency and Accountability: The reserve assets will be audited by a third party accounting firm, with monthly attestations published by XRP. 
  • Multichain Compatibility: RLUSD will expand to additional blockchains beyond XRP Ledger and Ethereum.

XRP aims to capture a significant portion of the stablecoin market, projected to reach $2.8 trillion by 2028. This goal is ambitious, considering the current total crypto market capitalization stands at just $ 2 trillion. 

Ripple Stablecoin Market Challenge and Community Reaction

User trust is crucial in the stablecoin market. XRP has recognized this and is taking a cautious approach to ensure a seamless launch. The crypto community is buzzing with excitement and is eagerly waiting for the launch and thinks that the XRP developer’s focus on testing and refinement will pay off shortly. 

As Ripple continues to refine its stablecoin, the industry watches with anticipation. With a potential launch just weeks away, the company’s progress will be closely monitored.

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Source: https://www.cryptonewsz.com/token-burns-signal-ripple-stablecoin-launch/