As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to keep my eyes wide open and my expectations grounded. The news about Ripple’s new stablecoin, RLUSD, has certainly piqued my interest. While it’s still in private beta testing, the recent burning development seems to suggest that things are progressing steadily. However, I’ve learned not to read too much into these small signs just yet – after all, in crypto, even a cat can look at a king!
TL;DR
- Ripple is launching a new stablecoin, with private beta testing currently underway. The latest update comes in the form of a burning development.
- The stablecoin cohort is growing, with a market cap of over $171 billion, led by USDT and USDC.
What’s New Around RLUSD?
In April of this year, Ripple garnered attention by announcing its plans to release a stablecoin tied to the U.S. dollar, named Ripple USD (RLUSD). The team mentioned that this stablecoin would be accessible on both the XRP Ledger (XRPL) and Ethereum platforms. The official launch is set for later in the year, but the specific date has yet to be determined.
Earlier this summer, Ripple began private beta testing for its upcoming product, marking a crucial step forward that might open up fresh possibilities, boost liquidity, and encourage institutional use among users, developers, and applications. Just last week, their team minted the first 185 RLUSD units, with the transaction fee being a mere 0.000135 XRP.
Based on information from XRP Scan’s on-chain data, Ripple reportedly disposed of its stash on August 28th. The associated transaction fee was slightly elevated for this occasion, amounting to approximately 0.00036 XRP. Despite this, the value in USD remains negligible.
The recent news concerning RLUSD has sparked conjecture among some users, leading them to believe that the beta testing may soon be wrapped up and Ripple is preparing for the product launch.
However, the stablecoin remains unavailable for purchase or trading at this point. The team has previously warned users to be extra cautious as they might become victims of scammers who “may exploit Ripple’s brand and purport to have early access to sell Ripple USD.”
Stablecoins’ Progress
Despite some instability in the leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), the stablecoin market remains robust. At present, numerous stablecoins exist, with a significant number being tied to the U.S. dollar.
According to a report by CryptoPotato on August 26th, the market capitalization surged nearly to $170 billion. This upward trend persisted in subsequent days, and as of now, it stands over $171 billion according to CoinGecko’s latest data.
Currently, Tether (USDT) maintains its dominance with a market capitalization exceeding $118 billion, closely trailed by USD Coin (USDC) at approximately $34.5 billion.
Stablecoins are frequently utilized as a link between traditional currencies and digital currencies. The increasing market value suggests that there may be more funds readily accessible for purchasing and trading digital assets such as Bitcoin (BTC), potentially leading to increased volatility in prices moving forward.
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2024-08-29 11:42