As a seasoned researcher who has followed the crypto market for years, I must admit that the Ripple saga with their stablecoin RLUSD is keeping me on my toes. The recent developments have been intriguing, to say the least – tokens burning on both Ethereum and XRP Ledger networks, and now mysterious transfers on unknown Ethereum wallets.
The story surrounding Ripple‘s stablecoin, RLUSD, remains unfolding. Yesterday, U.Today disclosed that approximately tens of millions of tokens were destroyed across the Ethereum and XRP Ledger platforms. Today, however, Ripple, based in San Francisco, initiated moving the remaining Ripple USD to unidentified Ethereum network wallets.
Today, it was observed through the Ripple Stablecoin Tracker that large amounts of RLUSD tokens (approximately 31,500 per transfer) were sent to previously unidentified Ethereum wallets in groups of four. Furthermore, transactions also occurred on the Ripple Ledger network. Since the stablecoin has not officially launched yet, these activities are likely originating from Ripple’s own wallets.
🚨🚨🚨🚨🚨 32,000 #RLUSD transferred from unknown wallet to unknown wallet.
— Ripple Stablecoin Tracker (@RL_Tracker) November 18, 2024
It’s important to note that RLUSD, or Ripple USD, will debut simultaneously across both its networks. Initially, some members of the XRP community were puzzled by the decision to also use Ethereum as a platform. At present, RLUSD is undergoing testing to perfect all essential functions before its official launch on the main network.
When will Ripple USD (RLUSD) launch?
In simpler terms, any indication of trouble in the stablecoin sector associated with RLUSD, particularly for Ripple, could tarnish its reputation due to past events like UST from TerraLuna that have raised concerns within the crypto market.
As a researcher, I must acknowledge that it was previously stated that the launch of the stablecoin should occur by year’s end, which leaves us with just over a month remaining in this timeframe.
As a crypto investor, I’ve been eagerly keeping an eye on updates regarding Ripple’s stablecoin, RLUSD. Top execs at Ripple have confirmed that it’s already operationally ready. The only thing left is for us to receive the go-ahead from the New York Department of Financial Services. Fingers crossed!
Yet, it might be these changes in the U.S. political landscape that could potentially hinder the crypto company from concluding an exceptionally prosperous 2024, as these alterations directly impact the jurisdiction of their regulations.
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2024-11-18 16:25