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According to the Ripple stablecoin tracker account on the RLUSD) burned out the stablecoin.
These large mints coincided with Ripple issuing a warning against scammers trying to scam cryptocurrency users using a project that is still in beta.
Ripple burns 470 RLUSD after minting millions of dollars
According to several tweets by the aforementioned data sources, Ripple performed four consecutive RLUSD burns on the RLUSD treasury, burning two batches of 115 stablecoins and two chunks of 120 RLUSD each.
Before doing that, the blockchain giant issued a whopping 47 million RLUSD within days, minting a batch of 10 million RLUSD and several batches containing around 6 million RLUSD each.
The well-known blockchain company, which brought the XRP token to market in 2012 to power cross-border payments and remittances through collaboration with banks and other financial institutions, is launching its new product (pegged to the US dollar and offering cash and its equivalents). Since the beginning of August.
At the time, Ripple warned the XRP community that the innovative Ripple project is still in private beta (despite on-chain activity underway) and that fraudsters may attempt to carry this out. It reminded me that I need to be careful of certain scams. Respect. Ripple has clarified that RLUSD is not yet available for purchase or trading.
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The main launch of RLUSD will take place on Ethereum
As previously reported by U.Today, Ripple has stated that RLUSD will only be released on the latter this year, contrary to previous announcements that the stablecoin will be released on the XRPL and Ethereum chains. The community was shocked.
Alternatively, a new stablecoin could arrive on the XRP Ledger in 2024 as planned, but it would lack a key feature: an automated market maker (AMM) and would instead be limited to a DEX order book on XRPL. That’s it.
Still, Tether’s current strategic advisor Gabor Garbacs believes Tether’s USDT will remain king among stablecoins. Back in April, when Ripple first announced the launch of its future RLUSD, Gervax tweeted: “The Tether team has the right principles and history. High liquidity. The right geographic focus. The right design. A global team that supports real use cases that the market wants.”
