Ripple's XRP Surges Amid SEC Speculation and Strategic Moves
Ripple has burned 53 million RLUSD tokens across the XRP Ledger and Ethereum blockchains in preparation for the launch of its USD-backed stablecoin, RLUSD. This move is part of Ripple's strategy to manage supply and boost demand ahead of the stablecoin's release, which is expected by the end of the year pending regulatory approval from the New York Department of Financial Services. The stablecoin will be backed by U.S. Treasury bills, dollar deposits, and cash equivalents, with monthly reserve certifications by BPM, an independent accounting firm.