Ripple has burned the 185 RLUSD stablecoins that were minted during the beta testing stage of the asset. Even though the exact launch date isn’t made public yet, there have been rumors circulating in the market that the debut might be sooner than expected. These speculations are supported by the recent burning of the previously circulating stablecoins.
While the blockchain company prepares to take its place in the growing stablecoin market, its team continues to work diligently behind the scenes to make sure that the launch is successful and that the coin meets every applicable regulatory standard.
185 Bets RLUSD Coins Destroyed
With a modest transaction fee of 0.000135 XRP, Ripple, last week, created the first 185 RLUSD coins, a move that aroused excitement in the cryptocurrency world. These tokens, though, did not circulate for very long. This first batch of RLUSD tokens was burned by Ripple on August 28, which resulted in a slightly increased transaction cost of 0.00036 XRP. Even with the higher fee, the cost is still very small when expressed in US dollars.
Following the beta testing phase, the stablecoin will eventually be made accessible to the broader public. The company’s present priority is to eliminate any potential problems to ensure a seamless public launch. When Ripple’s stablecoin was first revealed in April, it generated a lot of excitement.
Even though there are currently big competitors in the stablecoin market, including Tether’s USDT and Circle’s USDC, Ripple thinks there is still a lot of room for expansion because the market is predicted to reach an incredible $2.8 trillion by 2028. Notably, Ripple executives have also refuted certain rumors that the stablecoin is intended to replace XRP.
Ultimately, users have been advised by Ripple to exercise caution as scammers may try to take advantage of the company’s reputation by presenting false offers for early access to the stablecoin. This warning emphasizes how crucial it is to proceed with prudence in the volatile and rapidly evolving world of cryptocurrency.
