Ripple Advances Stablecoin Launch Strategy with 185 RLUSD Burn

Highlights

Ripple burns 185 RLUSD tokens, removing them from XRP Ledger and Ethereum.
RLUSD stablecoin under private beta, yet to be available on public exchanges.
XRP exhibits potential for a breakout to $1 amid market fluctuations.

Ripple has progressed its stablecoin initiative by burning 185 Ripple USD (RLUSD) tokens from circulation. This occurred at the RLUSD Treasury, where the tokens were effectively withdrawn from circulation by being sent back to the issuer’s account.

Ripple Advances Stablecoin Launch with 185 RLUSD Burn

Recent data from XRPScan reveal that Ripple initiated the burn of 185 RLUSD tokens, a move underscoring its strategic approach to managing its stablecoin supply. This development follows the minting of these tokens on the XRP Ledger, marking a phase in the pilot testing of its stablecoin technology.

Additionally, Ripple’s decision to burn tokens ensures the crypto company maintains control over the initial supply and prevents premature circulation. This aligns with regulatory and operational precautions.

This process involved sending the minted RLUSD tokens back to the issuer account, effectively reducing the circulating supply to zero.

Background and Development of RLUSD

The RLUSD tokens were minted on August 22, with Ripple creating 185 tokens on the XRP Ledger and 200 RLUSD on the Ethereum network. This dual-platform approach signifies intent to test interoperability and stability across blockchains. The tokens are pegged 1:1 to the USD, ensuring each token represents real dollar value held in reserve.

The XRP company has committed to maintaining high transparency standards, with the stablecoin reserves being audited by an independent third-party firm. In addition, monthly attestations will be provided to verify the integrity of the backing assets.

Moreover, CoinGape recently reported that Ripple has secured partnerships with major financial institutions across various regions, including China, Hong Kong, and the Philippines. More so, banks such as the Agricultural Bank of China and Standard Chartered Bank are integrated into the network.

XRP Market Price Outlook

The XRP price trend exhibit a nuanced market response, with recent activities hinting at potential upward movements. As of the latest trading sessions, XRP has seen fluctuations below $0.6 but remains poised for a breakout.

According to a recent XRP price prediction, if the crypto can sustain a daily close above key resistance levels, it might confirm a bullish pattern, potentially elevating the price towards $1.

At the time of writing, the XRP price is $0.5501, a 4.12% decrease in the last 24 hours. The crypto trading volume has however increased by 17.9% to $1,147,198,009.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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