Ripple, the cross-border remittance company, has recently announced its plans to introduce the Ripple USD (RUSD) stablecoin. The stablecoin aims to link global financial institutions and facilitate cross-border transactions via its presence on both the XRP Ledger (XRPL) and Ethereum mainnet.
Crypto enthusiasts, particularly fans of XRP, have eagerly awaited the launch of Ripple’s stablecoin, RLUSD. According to recent reports, the release is imminent and could happen within weeks.
64 RLUSD Tokens Burned
During this launch phase, a Ripple stablecoin tracker revealed via tweet that 64 RLUSD tokens were burned at the RLUSD Treasury. Specifically, 24 RLUSD were burned on the XRP Ledger (XRPL) blockchain, while 64 RLUSD were burned on Ethereum. It was also confirmed that Ripple’s stablecoin will operate across both networks simultaneously.
However, Ripple’s management hasn’t ruled out the possibility of launching RLUSD on additional networks. Details about the total supply and whether it will be capped remain unclear.
Ripple Targets a Larger Market Share
Ripple has set its sights on capturing a larger portion of the stablecoin market, projected to reach $2.8 trillion by 2028, even as the total crypto market cap currently stands at just over $2 trillion.
As Ripple USD moves through its beta testing phase, it will be interesting to see how they refine the minting and token-burning processes to prepare for a confident market entry.
What do you think? Can Ripple secure a larger share of the stable coin market and become a dominant player in the space? Stay tuned for more updates.
Not a financial advice, also includes third party opinion.