Ripple RLUSD Preps for Launch: More Reserves, Burns, and XRP Transfers

In the latest X post, The ‘Ripple Stablecoin Tracker’ account revealed that Ripple has issued two more big reserves of its RLUSD stablecoin that it has been testing since August. While the new asset is still in its trial phase, it continues releasing and burning RLUSD.

Two Major Reserves Minted in Testing Phase

Over the past eight hours, two stablecoin stashes have been issued, each containing 485 RLUSD. These are the largest single RLUSD chunks minted so far since the project’s trial was launched in August.

At the same time, two smaller batches, each consisting of 50 RLUSD, were burned at the RLUSD Treasury. Burning tokens typically means locking them in wallets from which they can never be withdrawn or spent, effectively reducing the circulating supply.

Ripple’s Ambitious Stablecoin Plans

Ripple is gearing up to launch its own USD-pegged stablecoin, RLUSD, which will be tied to the US dollar at a 1:1 ratio. The stablecoin will operate on both the XRP Ledger and Ethereum blockchain. As the global stablecoin market currently hovers around $2 trillion, Ripple aims to secure a significant share of this rapidly growing sector.

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Whale Alert: Ripple Moves 200 Million XRP

In a separate development, blockchain tracker Whale Alert reported that Ripple transferred an enormous 200,000,000 XRP to an anonymous wallet, sparking intrigue within the XRP community. Speculation ran wild in the comments, with some users thinking the transfer was related to a settlement, while others suggested it could be a bullish indicator for XRP’s future.

However, according to XRP explorer Bithomp, the 200 million XRP was likely transferred to a wallet associated with Ripple itself. This is a common practice by the company, often signaling plans to use the funds for external payments or sales on cryptocurrency exchanges.