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Ripple burned all 185 stablecoin tokens RLUSD from its private beta stage.
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Ripple plans on launching the RLUSD stablecoin before the end of 2024.
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Ripple executives reassure the RLUSD stablecoin is not a replacement for XRP, but a complement.
Ripple has burnt all 185 RLUSD tokens that were initially issued during the private beta phase. The tokens have been sent back to the RLUSD account, effectively removing them from circulation. Vet, a XRP Ledger Validator (XRPL), confirmed this move in a Twitter. Data from XRPScan confirms zero RLUSD tokens in circulation following this burn.
Ripple announced plans to enter the stablecoins market in April, to compete with established players like Tether or Circle. Ripple believes that there is still room for competition in a market that will reach an impressive $2.8 trillion in 2028. The global stablecoins market is currently valued at $177 billion.
Ripple intends to launch the RLUSD stablecoin by the end of 2024. The private beta phase, which saw the issuance 185 RLUSD tokens, was part of the efforts made to make the launch a successful one.
During the wait for RLUSD to be officially unveiled, some bad actors have falsely stated that RLUSD was already live in an attempt to defraud innocent individuals. Ripple executives, industry influencers and others have warned against scams by stressing the importance to verify information through official channels.
Vet’s latest update regarding the burning of previously issued 185 RLUSD coins aims to clarify that Ripple stablecoins are not currently in circulation.
Members of the XRP Community have expressed concerns about the future of XRP, as Ripple introduces a new stablecoin to facilitate cross-border payments. Some members of the XRP community are concerned that RLUSD may replace XRP as part of Ripple’s payment system, which would negatively impact XRP.
Ripple executives Brad Garlinghouse, CTO David Schwartz and CEO Brad Garlinghouse have reassured community members that RLUSD is not going to harm XRP, but rather complement it.
