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Ripple has completed a burn of 185 RLUSD tokens. This strategic decision reflects the company’s approach to maintaining a sufficient supply. By sending these tokens back to its issuer, Ripple is effectively removing them from circulation, thereby cementing its position as an authoritative player in the stablecoin landscape. Initially issued on August 22, RLUSD tokens were distributed across two blockchains: 185 tokens on the XRP Ledger and 200 tokens on Ethereum. This dual-platform release highlights Ripple’s strategy to value cross-chain interoperability and stability while maintaining the token’s peg to the US dollar. Each RLUSD token is designed to be worth one dollar, thereby providing a stable means of transaction.
Ripple has placed a strong emphasis on transparency, promising that the reserves backing the RLUSD tokens will be independently audited. Future monthly confirmations will further strengthen the integrity and security of the reserve assets. Such measures are necessary to build trust in a market that is increasingly wary of regulatory compliance.
XRP price action is under close observation, especially after Ripple’s operational achievements. XRP was recently trading around $0.5731, reflecting a slight decline of 0.1% over the past 24 hours. Market analysts are optimistic. They suggest that if XRP can consolidate above its current resistance levels, it could begin an upward trajectory towards the $1 mark. Trading volumes have dropped significantly, down 32% to around $1.11 billion.
Image: Crypto Briefing
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