Ripple, the San Francisco-based blockchain giant, has issued two significant batches of its RLUSD stablecoin, according to reports from the “Ripple Stablecoin Tracker” account on X (formerly Twitter). The RLUSD stablecoin, which has been tested since August, recently saw two large mintings. Ripple continues to issue and burn RLUSD as part of its ongoing trial.
Ripple recently released two stashes of RLUSD, marking the largest single mints recorded since the trial launch in late August. This brings the total to 970 RLUSD minted. At the same time, Ripple burned two smaller chunks of RLUSD, totaling 100 RLUSD, with each burn comprising 50 RLUSD.
Also Read: Ripple Burns Entire Batch of RLUSD Tokens, Prepares for Stablecoin Launch
Ripple’s RLUSD Stablecoin Issuance and Burning Process
The issuance and burning of stablecoins play a crucial role in maintaining liquidity and managing supply in the market. That is, hold off the circulation of the coins by placing them in wallets where they cannot be moved or redeemed. This is a common practice in crypto to manage token supply and stabilize its value, as well as create incentives that would extend a token’s usable lifespan and furnish it with long-term value.
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Ripple’s creation of RLUSD shows an apparent willingness to consider the stablecoin market further beyond the issuance of its XRP coin. The RLUSD stablecoin is anticipated to function in a particular niche related to using Ripple’s distributed network and may be aimed at institutions for high-volume financial processing.
Ripple continues to emit and burn RLUSD, enhancing its ability to balance the supply chain, which should aid in managing this trial phase by ensuring adequate quantities of stablecoin are readily available within the markets.
Conclusion
With Ripple scaling up the trials of the RLUSD stablecoin, the issued and burned tokens outline that it is deliberately guiding supply while developing the product. These ongoing trials can be a new sign of Ripple’s progression in the Stablecoin market.
Also Read: Ripple Pushes for Regulatory Approval of RLUSD Stablecoin Amid Market Developments
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.