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- Ripple burned 185 RLUSD tokens, leaving none in circulation during its ongoing private beta testing phase.
- The $1 trillion trust limit that XRP Ledger set for RLUSD demonstrates its scalability and user confidence.
Recent advances in Ripple’s RLUSD stablecoin initiative highlight the company’s strategic foresight and dedication to building its ecosystem.
XRPScan reports that by returning 185 RLUSD coins back to the RLUSD Treasury, Ripple burned them on August 21, 2024. With a transaction fee of 0.000135 XRP, this step leaves no RLUSD coins now in circulation on either the XRP Ledger or Ethereum.
Ripple’s RLUSD Beta Testing: A Strategic Move in the Stablecoin Market
Earlier this month, as we previously reported, Ripple started private beta testing RLUSD on Ethereum and XRP Ledgers. Part of the test process, the tokens produced during this step were burned later on in line with the process. Only a few industrial partners have access to RLUSD for now; hence, it is still unreachable to the general public.
This action fits Ripple’s larger plan to confirm its place in the already dominated competitive stablecoin industry by big companies like Tether and Circle.
Especially in cross-border payments and distributed finance (DeFi), Ripple’s RLUSD stablecoin—which keeps a 1:1 peg with the US dollar—aims to improve liquidity and provide new use cases. The company is dedicated to perfecting RLUSD such that it satisfies legal requirements before its wider introduction.
Previously, CNF highlighted that the XRP Ledger set a $1 trillion trust limit for RLUSD, a move that emphasizes the scalability of the XRP Ledger and the faith users invest in the ripple ecosystem. Designed to get ready for next transactions, this structure emphasizes Ripple’s insight in negotiating the changing digital financial scene.
Meanwhile, as of writing, the XRP price was about $0.5724, down 0.81% over the last 24 hours on a daily trading volume of $1.090 billion.
