Ripple is on the verge of launching its stablecoin, Ripple USD (RLUSD), which is pegged to the U.S. dollar.

Cryptocurrency giant Ripple is preparing to launch its stablecoin, Ripple USD (RLUSD), which will be pegged to the U.S. dollar. First announced in April, the RLUSD stablecoin will run on both the XRP Ledger (XRPL) and Ethereum networks.

While the official launch is expected later this year, Ripple has not yet announced a specific release date.

Ripple Burns Initial RLUSD Tokens After Beta Testing

Last week, Ripple minted 185 RLUSD tokens with a transaction fee of 0.000135 XRP. On August 28, Ripple burned this initial batch, incurring a slightly higher fee of 0.00036 XRP, XRP Scan data shows.

The updates on the RLUSD burn have sparked speculation about the stablecoin’s upcoming launch. Users noted that RLUSD is in “beta mode” and will likely launch soon.

Stablecoin Market Expands as RLUSD Enters the Scene

The stablecoin market is also expanding as RLUSD launches. As of August 30, stablecoins had a market cap of over $170 billion, with Tether (USDT) leading the pack with over $118 billion and USDC at around $34.5 billion.

Ripple is looking to tap into the growing stablecoin market, with RLUSD pegged 1:1 to the U.S. dollar and the market projected to grow to $2.8 trillion by 2028.

Meanwhile, Graham Rodford, the CEO of Archax, is bullish on XRP Ledger. In February 2024, he predicted that the XRP Ledger will attract a $30-50 trillion flow by 2025.

What’s Next for Ripple’s Stablecoin

During the testing phase, Ripple’s stablecoin, RLUSD, was not available to the general public, with only a few corporate partners having access. Ripple will announce further updates at the Swell event in Miami on October 15-16, 2024.

Ripple partnered with Standard Chartered and the Agricultural Bank of China to launch RLUSD, which aims to boost liquidity and facilitate cross-border transactions in the Philippines and China.

RLUSD will add market liquidity and provide developers with a stablecoin, aiding the growth of the XRPL’s decentralized exchange (DEX) and RippleNet’s DeFi ecosystem.

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