For the past few months, the crypto community, and especially XRP enthusiasts, have been eagerly awaiting the launch of Ripple’s stablecoin, RLUSD. According to recent reports, including from the crypto company’s CEO Brad Garlinghouse, the launch of the new digital counterpart to the dollar could take place in just a few weeks.
For now, however, Ripple USD is still in beta testing.
The latest episode from this launch phase of the new digital asset was the burning of 24 RLUSD on the XRP Ledger (XRPL) blockchain and 64 RLUSD on the Ethereum-based blockchain. The fact that Ripple’s stablecoin will operate on both networks simultaneously was also immediately known.
🔥🔥🔥 64 #RLUSD burned at RLUSD Treasury.https://t.co/Fpe6ycEGcO
— Ripple Stablecoin Tracker (@RL_Tracker) September 22, 2024
However, the top managers of the crypto company do not exclude the possibility of the launch on other networks. What the size of the issue will be and whether it will be limited is not yet clear.
$2.8 trillion market
What is known is that Ripple is aiming for a bigger slice of the stablecoin market, the size of which is expected to reach $2.8 trillion by 2028. This is despite the fact that the entire crypto market capitalization is currently valued at just over $2 trillion.
It will be interesting to see what comes next for Ripple USD in the beta testing process. Clearly, Ripple now wants to refine the process of minting and burning tokens as much as possible in order to enter the market with full confidence.
The stablecoin market is a dangerous place – once you lose users’ trust, it can be impossible to regain it.