TL;DR
- Ripple has issued two batches of its RLUSD stablecoin as part of its pre-launch testing.
- In total, 970 RLUSD were issued and 100 tokens were burned.
- Ripple aims to position itself in the stablecoin market, which could reach $2.8 trillion by 2028.
San Francisco-based blockchain company Ripple continues to advance the development of its stablecoin RLUSD, with a view to competing in the growing stablecoin market.
Since August, the company has been testing this new stablecoin, which will be pegged to the US dollar at a 1:1 ratio.
In the past 24 hours, Ripple has issued two significant batches of 485 RLUSD each, totaling 970 tokens.
💵💵💵 485 #RLUSD minted at RLUSD Treasury.https://t.co/865wLnhyJt
— Ripple Stablecoin Tracker (@RL_Tracker) September 24, 2024
At the same time, 100 RLUSD were also burned, a process that blocks these tokens permanently, preventing their future circulation.
This process of issuing and burning tokens is common in the cryptocurrency industry to maintain the stability of a currency or make adjustments to its supply.
By doing this, the company continues to fine-tune the details of its stablecoin before the official launch.
RLUSD will be available on both the XRP Ledger and the Ethereum blockchain, which could give it a competitive advantage by allowing greater interoperability with other platforms.
The stablecoin market is one of the fastest growing areas in the crypto ecosystem, with a current estimated value of $2 trillion.
This market is projected to reach $2.8 trillion by 2028, and Ripple is clearly aiming to capture a significant portion of this segment.
The issuance of RLUSD is part of its strategy to take advantage of this opportunity and offer an alternative backed by its solid infrastructure.
Chris Larsen’s recent moves at Ripple
In parallel, Chris Larsen , one of the founders of Ripple and currently its executive president, has made financial moves that have sparked the interest of the XRP community.
Recently, Larsen transferred 200 million XRP to a Ripple-associated wallet.
Such moves are common when a company plans to make external payments or sell tokens on cryptocurrency exchanges.
The market reacted with anticipation to these transfers, with some speculating that it could be a deal or a strategy to increase Ripple’s liquidity.
Previously, Larsen also transferred 3 million XRP to Binance and 15 million to Bittrex, two major cryptocurrency exchanges, suggesting that Ripple continues to take strategic steps to consolidate its position in the market.
As Ripple continues to fine-tune the details of its stablecoin and makes significant moves with XRP, the company appears to be laying the groundwork for further adoption of its products and services in the global financial ecosystem.
With RLUSD in the testing phase and its recent transfers, Ripple shows its determination to expand its presence in the dynamic and competitive world of cryptocurrencies.
