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It has just been announced that Ripple burned approximately 53 million RLUSD today. The burning happened in a series of transactions across two blockchain platforms — XRP Ledger and Ethereum. As many may know, Ripple's stablecoin will be launched on two blockchains — XRPL and Ethereum. So, the first batch of RLUSD worth 40.17 million was burned on the XRPL base, but the next one worth 14 million was burned in Ethereum.
The long-awaited launch of Ripple's USD is expected to take place before the end of the year. This has been hinted at by top executives of the San Francisco-based company.
RLUSD is designed to be a USD-backed stablecoin backed by short-term U.S. Treasury bills, dollar deposits and cash equivalents.
🔥🔥🔥🔥🔥🔥🔥🔥🔥 14,001,103 #RLUSD burned at RLUSD Treasury.https://t.co/g7jUCPZCa2
— Ripple Stablecoin Tracker (@RL_Tracker) November 17, 2024
As the stablecoin segment of the crypto market has been stunned by many dramatic collapses, it's a risky place to operate, which is why Ripple has put an emphasis on transparency, confirming that monthly certifications of its reserves will be conducted by BPM, an independent accounting firm based in San Francisco.
When will Ripple USD (RLUSD) launch?
Ripple said in October that RLUSD was "operationally ready." But it cannot officially launch until the New York Department of Financial Services gives it the green light.
As regulations change, it looks like the company is getting ready to meet compliance requirements, which is good news for the crypto community hoping to see it launched soon.
This latest news comes at the same time as people are talking about how RLUSD could affect the market. Ripple's decision to burn tokens has people talking about its strategy to manage supply and increase demand ahead of the launch. It has also boosted market sentiment around Ripple's ecosystem, with the XRP price reflecting the increased confidence.