u.today
According to the Ripple Stablecoin Tracker account on the X platform, Ripple crypto decacorn has burned several batches of Ripple USD (RLUSD) stablecoins after minting almost 50 million of them over the past week.
Those massive mints coincided with Ripple issuing a warning against scammers who are trying to defraud crypto users using the project that is still in beta.
Ripple burns 470 million after minting millions of RLUSD
Per several tweets of the aforementioned data source, Ripple performed four consecutive RLUSD burns at RLUSD Treasury, scorching two batches of 115 stablecoins and two lumps of 120 RLUSD each.
🔥🔥🔥 120 #RLUSD burned at RLUSD Treasury.https://t.co/9BD5JrwwPJ
— Ripple Stablecoin Tracker (@RL_Tracker) October 7, 2024
Prior to doing that, the blockchain behemoth issued a whopping 47 million RLUSD within several days, minting batches of 10 million RLUSD and several ones that contained roughly 6 million RLUSD each.
The renowned blockchain company that brought the XRP token to the market in 2012 to enhance transnational payments and remittances via cooperation with banks and other financial institutions, has been testing its new product – a stablecoin pegged to US dollar and backed by cash and its equivalents – since the beginning of August.
While doing that, Ripple made a warning to the XRP community, reminding them that the innovative Ripple project is still in a private beta (even though there is on-chain activity going) and that they should be alerted against possible scams that fraudsters may attempt to make in this regard. RLUSD is not available for purchasing or making transactions in yet, Ripple made it clear.
Main RLUSD launch to happen on Ethereum
As reported by U.Today earlier, the XRP community was shocked that Ripple contrary to its earlier announcement that the stablecoin would be released on XRPL and Ethereum chains, stated that this year RLUSD would be launched only on the latter.
Alternatively, the new stablecoin might also come out on the XRP Ledger in 2024 as planned, however, it would lack an important functionality, namely the Automated Market Maker (AMM), which on XRPL would be restricted to the DEX orderbook instead.
Still, a current strategic advisor at Tether Gabor Gurbacs believes that Tether’s USDT remains the king among stablecoins. Back in April, when Ripple first announced the future launch of RLUSD, Gurbacs tweeted: “The Tether team has the right principles and history. High liquidity. Right geo-focus. Right design. Global team to support real use-cases that the market wants.”