Ripple Burns RLUSD Amid HBAR-XRP Strategic Partnership Rumors

Ripple (XRP) has burned almost all of their Ripple USD (RLUSD) tokens hinting that something might be going on behind the scenes. 

On Wednesday, Ripple burned 46.67 million RLUSD tokens over the course of a couple of hours with some burns still happening as early as 8 hours ago.

The burns come as Hedera Hashgraph (HBAR) and Ripple are reportedly in talks for a strategic partnership to revolutionize the global payments system. 

XRP burns RLUSD

After burning almost all of RLUSD’s active supply, speculations spawned about whether Ripple could be close to announcing news related to their stablecoin efforts. 

Since Gary Gensler’s resignation tweet, the XRP community and Ripple’s heads have shared their thoughts on the future of Ripple and how the company can manage compliance in a crypto-friendly U.S. with Trump’s presidency around the corner. 

Utilizing XRP Ledger’s blockchain technology, a Ripple stablecoin would be transparent, fast, and have low transaction fees potentially costing a fraction of a cent. 

A hurdle in Ripple’s stablecoin aspirations lies in their approval from the New York State Department of Financial Services. With the state’s approval, Ripple would have a much easier time exploring greater stablecoin ventures similar to that of Circle’s USDC and Tether’s USDT.

Hedera Hashgraph (HBAR) x Ripple strategic partnership

Shawn Oroogle, a key member of the World Economic Forum, tweeted that a possible partnership between Goldman Sachs, XRP, and HBAR was in the works.

Although Oroogle is “gathering more evidence”, the tweet leads to some truths since the two blockchain networks, Hedera and XRP, have both expressed interest in related fields.

Goldman Sachs’ inclusion in the possible partnership could imply that some sort of tokenization efforts might be involved. Going by recent news in the XRP and HBAR communities, the tokenization of real-world assets has been a strong talking point in both projects over the past month.

Although unconfirmed, the rumors suggest a significant development could be on the horizon for the greater financial landscape in regard to crypto.

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