Ripple RLUSD Gears Up for Launch Increased Reserves Token Burns and XRP Transfers Ahead

Story Highlights
Ripple has issued two more large reserves of its experimental stablecoin, RLUSD.
Ripple has also burned a portion of its RLUSD reserves, indicating progress in testing.
Ripple has transferred a significant amount of XRP to an anonymous wallet, sparking interest and speculation among the XRP community.
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.
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485
#RLUSD
minted at RLUSD Treasury.
https://t.co/865wLnhyJt
— Ripple Stablecoin Tracker (@RL_Tracker)
September 24, 2024
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 Burning tokens typically means locking them in wallets from which they can never be withdrawn or spent, effectively reducing the circulating supply.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.
Also Read :
Ripple News: Chris Larsen Shifts 18M XRP—What’s Behind It?
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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.
200,000,000
#XRP
(117,619,123 USD) transferred from
#Ripple
to unknown wallet
https://t.co/7e1gB5P684
— Whale Alert (@whale_alert)
September 23, 2024
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.
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Ripple (XRP)