The post Ripple Issues Two Big Stablecoin Stashes, Burns 100 RLUSD Before Its Stablecoin Launch appeared first on Coinpedia Fintech News
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.
Ripple Issues 970 RLUSD, Burns 100 RLUSD
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.
Also, two stablecoin lumps, comprising 50 RLUSD each, were burned at the RLUSD Treasury. Burning the coins usually means locking existing coins in wallets from which they can never be withdrawn or spent otherwise.
Ripple is all set to release its own stablecoin pegged to the USD at a 1:1 rate. RLUSD will be launched on both the XRP Ledger and the Ethereum blockchain. Currently, the stablecoin market is valued at just a little more than $2 trillion and Ripple aims to get a big share of the fast-growing stablecoin market.
Ripple Moves 200 million XRP into An Unknown Wallet
Moreover, the blockchain tracker Whale Alert, in its recent X post reported that Ripple transferred a staggering 200,000,000 XRP to an anonymous blockchain wallet. The vast XRP community was intrigued by the move and many of them took to the comments to share their excitement along with confusion. While some of them assumed that it was a settlement, while others believed that this could be a bullish factor for XRP.
However, the XRP-focused explorer Bithomp believes that Ripple transferred this massive XRP reserve to a wallet affiliated with Ripple. Notably, This is a frequent action by the company as it plans to use funds for outside payments or to sell XRP on crypto exchanges.