Important Ripple (XRP) Update on August 29: Details

TL;DR

Ripple is launching a new stablecoin, with private beta testing currently underway. The latest update comes in the form of a fiery development. The cohort of stablecoins is growing, with a market cap of over $171 billion, led by USDT and USDC. What’s new around RLUSD?

Ripple made headlines in April this year when it revealed it would introduce a stablecoin pegged to the US dollar. The team said it will be called Ripple USD (RLUSD) and will be available on XRP Ledger (XRPL) and Ethereum. Its official launch is planned for the end of this year, although the exact date is still unclear.

Ripple began private beta testing for its upcoming product earlier this summer, labeling the initiative a “significant milestone” that could drive “new opportunities, liquidity, and institutional use cases for users, developers, and applications.” . Last week, the team minted the first 185 RLUSD as the transaction fee was 0.000135 XRP.

According to XRP Scan chain data, Ripple burned this deposit on August 28th. The transaction fee was slightly higher this time, equivalent to 0.00036 XRP. However, the sum remains negligible when converted to USD.

The latest update around RLUSD led some X users to speculate that beta testing could be completed with Ripple preparing to launch the product.

However, the stablecoin remains unavailable for purchase or trading at this time. The team already warned users to be very cautious as they could become victims of scammers who “could exploit the Ripple brand and pretend to get early access to sell Ripple USD.”

Progress of stablecoins

While leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have shown volatile performance recently, this is not the case for the stablecoin sector. Today, there are hundreds of such financial products, and many are pegged to the US dollar.

As CryptoPotato reported on August 26, its market capitalization rose to nearly $170 billion. The upward trend continued in the following days, and the number is currently over $171 billion (according to CoinGecko data).

Tether (USDT) remains the undisputed leader with a market cap of more than $118 billion, followed by USDC, which has about $34.5 billion.

Stablecoins are often used as a bridge between fiat currencies and cryptocurrencies. The increase in market capitalization indicates that more capital is available to buy and sell digital assets like bitcoin (BTC), which could lead to more dynamic price movements in the future.

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