Ripple, the cross-border payment remittance firm, has recently unveiled its ambitious plans to launch the Ripple USD (RUSD) stablecoin. This stablecoin aims to bridge global financial firms and institutions, facilitating seamless cross-border payments through its integration on both the XRP Ledger (XRPL) and the Ethereum mainnet.
The crypto community, especially XRP enthusiasts, have been eagerly awaiting the launch of Ripple’s stablecoin, RUSD. According to the latest reports, this highly anticipated launch could happen in just a few weeks, marking a significant milestone for Ripple and the broader cryptocurrency market.
64 RLUSD Burned
In the midst of the buzz surrounding this launch, it was revealed through a tweet by the Ripple stablecoin tracker that 64 RLUSD were burned at the RLUSD Treasury. Specifically, 24 RLUSD were burned on the XRP Ledger (XRPL) blockchain and 64 RLUSD on the Ethereum-based blockchain. This dual-network operation highlights the versatility and robustness of Ripple’s stablecoin infrastructure.
Interestingly, Ripple’s top executives have not ruled out the possibility of expanding the launch to other networks in the future. However, the exact issue size and whether it will be limited remains uncertain at this time.
Ripple Eyeing For A Bigger Market Share
Ripple has set its sights on capturing a significant share of the stablecoin market, which is projected to reach a staggering $2.8 trillion by 2028. This is a bold move considering the current total crypto market capitalization is just over $2 trillion. The success of RUSD could potentially position Ripple as a dominant player in the stablecoin sector.
As Ripple USD enters the beta testing phase, it will be fascinating to observe how the company refines its minting and token-burning processes. Ensuring these mechanisms are robust and efficient will be crucial for Ripple to enter the market with full confidence and attract a larger market share.
What do you think? Will Ripple attract a bigger share of the stablecoin market and prove to be a dominant player in the space? Stay tuned for further updates.
