CandleFocus Ripple Keeps Burning RLUSD After Minting 42 Million Stablecoins
2024-10-08
Author: Content Editor
Ripple has burned several batches of its stablecoin, Ripple USD (RLUSD), after minting almost 50 million of them over the past week. This comes after the company issued a warning against scammers who are attempting to defraud crypto users using the project, which is still in beta. Ripple performed four consecutive RLUSD burns at the RLUSD Treasury, burning two batches of 115 stablecoins and two lumps of 120 RLUSD each. Prior to this, Ripple had issued 47 million RLUSD within several days. The stablecoin is currently being tested and is not yet available for purchasing or making transactions. The XRP community was surprised when Ripple announced that RLUSD would only be launched on the Ethereum chain, contrary to earlier statements that it would also be released on XRPL. However, the stablecoin may still come out on the XRP Ledger in 2024 without an important functionality, the Automated Market Maker (AMM). Gabor Gurbacs, a strategic advisor at Tether, believes that Tether's USDT remains the leading stablecoin.
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