20.7 Million RLUSD In 24 Hours As Ripple President Makes Crucial RLUSD Statement

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The X Ripple Stablecoin Tracker, a tool that keeps tabs on RLUSD transfers by Ripple and unidentified wallets, has shared information that approximately 21 million units of the Ripple USD stablecoin were transferred over the last 24 hours.

Details about a dozen transactions involving cryptocurrencies were made public, with each transaction having a minimum value of one million RLUSD.

20.7 million RLUSD on the move

The previously mentioned data shows that a dozen transactions took place, indicating that large amounts of RLUSD (between 1 million and 3.5 million) were sent from unidentified wallets to various undisclosed blockchain destinations.

Approximately 20.7 million units of RLUSD have been transferred since this morning, with the largest transactions amounting to 3.5 million, 3.04 million, and another 3.5 million RLUSD.

1,221,000 RLUSD were minted at the Ripple Treasury as revealed by the tracker.

🚨🚨🚨🚨🚨🚨 3,500,000 #RLUSD transferred from unknown wallet to unknown wallet.

— Ripple Stablecoin Tracker (@RL_Tracker) January 8, 2025

Starting from early December, following a closed beta phase since August, the stablecoin was officially unveiled on both the XRPL and Ethereum blockchain networks. As outlined in their latest whitepaper, the company plans to utilize this new asset primarily for enhancing cross-border B2B transactions and remittances, while also offering fiat currency on-ramps and off-ramps.

To date, over 80 million units of the stablecoin known as RLUSD have been generated by the powerful blockchain entity. It appears that each RLUSD is fully backed by U.S. dollars and cash equivalents. Later this month, Ripple plans to disclose a report detailing their asset holdings that support RLUSD.

Ripple president’s big RLUSD statement

In a chat with Bloomberg, Ripple’s president Monica Long expressed her viewpoint that the year 2025 could be a significant one for cryptocurrencies across the board, not just for Ripple and its USD-linked token (RLUSD). She is confident that the need for stablecoins will rise substantially. In this scenario, she suggests that the Ripple USD token may prove to be a beneficial tool for both financial institutions and individual users alike.

As a researcher delving into this field, I’ve observed that the innovative stablecoin has found its footing on a handful of platforms such as Bitstamp and Bullish. Anticipating further growth, I believe that prominent cryptocurrency exchanges will soon follow this trend. Consequently, I expect RLUSD to experience a broad adoption within the expansive realm of cryptocurrencies and blockchain technology.

As a researcher, I eagerly anticipate the immediate deployment of our innovative stablecoin, RLUSD, across various platforms. Moreover, I am confident that we’ll be unveiling an Exchange-Traded Fund (ETF) tied to XRP in the near future.

— Bloomberg Crypto (@crypto) January 7, 2025

Monica Long shares the viewpoint that by 2025, the Securities and Exchange Commission is likely to keep endorsing crypto exchange-traded funds. Furthermore, she anticipates that an XRP ETF could be among those approved, possibly even being the next one following the Bitcoin and Ethereum ETFs that were given the green light last year.

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2025-01-08 15:17