Ripple continues its active engagement in the cryptocurrency world, issuing and burning part of its new RLUSD tokens, and performing a significant XRP transfer.
Issuance and Burning of RLUSD
According to the Ripple Stablecoin Tracker account on the X platform (formerly Twitter), Ripple has issued two more large stashes of its RLUSD stablecoin that has been in testing since August. Over the past eight hours, Ripple issued two batches, each containing 485 RLUSD, marking the largest single RLUSD chunks minted since the project's trial began in late August. Meanwhile, Ripple burned two lumps of stablecoins, each containing 50 RLUSD. Burning typically means locking existing coins in wallets from which they can never be withdrawn or otherwise spent.
Planning RLUSD Launch on Blockchain
As reported earlier, Ripple decided to tap into the stablecoin market, which is expected to reach $2.8 trillion by 2028, by releasing its own stablecoin pegged to the US dollar at a 1:1 rate. RLUSD will be launched on both the XRP Ledger and the Ethereum blockchain. Currently, the stablecoin market is valued at slightly over $2 trillion, and Ripple is clearly aiming to secure a substantial share of this rapidly growing sector.
Transfer of 200 Million XRP
Today, noted blockchain tracker Whale Alert reported that Ripple transferred 200 million XRP to an anonymous blockchain wallet. The vast XRP community was intrigued, with many crypto enthusiasts sharing their speculations and excitement in the comments. In reality, according to XRP explorer Bithomp, Ripple transferred this massive XRP stash to a wallet affiliated with the company. This is commonly done when the company plans to use the funds for external payments or selling XRP on crypto exchanges. Earlier reports also indicated that one of Ripple's founders, Chris Larsen (former CEO and currently the executive chairman), moved 3 million XRP to Binance and 15 million XRP to the Bittrex exchange.
Ripple continues to actively develop and expand its cryptocurrency initiatives, issuing and burning RLUSD tokens and conducting significant XRP transfers to maintain its leadership position in this fast-growing sector.
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