Ripple Burns 470M RLUSD Stablecoins After Minting Spree, But Tether's USDT Remains the Leader

Ripple recently conducted multiple burns of Ripple USD (RLUSD) stablecoins after minting almost 50 million RLUSD over the last week.

Ripple has been burning large amounts of Ripple USD (RLUSD) stablecoins following a period of heavy minting. As per the Ripple Stablecoin Tracker, several batches of RLUSD were burned by Ripple, with four consecutive burns of 115 and 120 batches of the stablecoin.

These burns follow the minting of nearly 47 million RLUSD by Ripple over the past week, with large mints of 10 million batches and smaller groups of 6 million stablecoins being minted over several days.

Initially, Ripple planned to launch RLUSD on both the XRP Ledger and Ethereum. However, the company recently confirmed that the stablecoin will only be launching on Ethereum in 2024, with limited functionality on the XRP Ledger. Despite this, Ripple remains open to expanding RLUSD on the XRPL in the future.

As Ripple continues to develop its stablecoin, industry figures such as Gabor Gurbacs, strategic advisor at Tether, have highlighted that Tether’s (USDT) stablecoin still leads the market.

According to Gurbacs, USDT’s deep liquidity and global presence give it a strong market position, even as new competitors like RLUSD are being introduced.

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