CandleFocus Almost All Ripple USD Tokens Got Burned. Is Announcement Near?
2024-11-28
Author: Content Editor
In a significant move, a large number of Ripple USD (RLUSD) tokens were burned within 24 hours, leading to speculation about Ripple's announcement of a stablecoin launch. Vet, a validator on the XRP Ledger, noted that gaining approval from the New York State Department of Financial Services remains a crucial obstacle for Ripple. As the demand for dollar-pegged cryptocurrencies grows, Ripple aims to tap into the stablecoin sector. Tether and Circle's USDC are currently the market leaders in terms of market capitalization. Ripple has been testing its stablecoin with limited partners since August and plans to make it available on both the XRP Ledger and Ethereum, with the potential for more networks in the future. Ripple's President has stated that the stablecoin will be used by several customers upon its public launch, although the official release date is still uncertain.
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