15,742,960 RLUSD in 24 Hours: Ripple Stablecoin Sees Activity Surge

by

Over the past day, there’s been a surge in activity for Ripple‘s RLUSD stablecoin. A total of 15,742,960 units have been transferred through multiple transactions, as suggested by data from Ripple’s stablecoin tracker. This rise indicates a growing fascination with the Ripple stablecoin in light of the present market instability.

As an analyst, I’ve been monitoring the Ripple Stablecoin Tracker, a community account that keeps tabs on the minting, redemption, and transfer of Ripple’s RLUSD. In the past 24 hours, most transactions involved the movement of RLUSD between unidentified wallets, with one notable exception being transfers from the RLUSD treasury to unidentified wallets.

🚨🚨🚨🚨🚨🚨 1,800,010 #RLUSD transferred from unknown wallet to unknown wallet.

— Ripple Stablecoin Tracker (@RL_Tracker) January 13, 2025

The most recent are two transactions each of 1,800,010 RLUSD transferred between unknown wallets.

1. Two transfers of one million units of RLUSD occurred between unidentified wallets.
2. Transactions involving 800,000 and 500,000 units of RLUSD were sent between unknown wallets on two separate occasions.
3. A transfer of half a million units of RLUSD was made from the RLUSD Treasury to an unidentified wallet.
4. Two large transactions totaling 1.6 million units of RLUSD took place.
5. Over 1.5 million units of RLUSD were exchanged between unidentified wallets.
6. Transactions totaling 1.4 million units of RLUSD were initiated from unidentified wallets on two separate occasions.

On December 17, 2024, the Ripple stablecoin was introduced worldwide across various exchanges. Since then, it has been steadily growing in popularity. Recently, Bitstamp announced that they will list Ripple USD (RLUSD) on the Ethereum network.

RLUSD explodes 123% in trading volume

According to information from CoinMarketCap, there’s been a significant 123% jump in the trading activity of Ripple’s RLUSD stablecoin. This surge in volume could be due to increased investor interest, as they look for secure alternatives like stablecoins during this period of market instability.

Yesterday saw a significant drop in the cryptocurrency market during trading hours, resulting in approximately $700 million being erased through liquidations. Consequently, many traders have moved towards holding stablecoins to safeguard their investments from potential additional losses, as they seek stability amidst the market’s volatility.

Over the past day, the trading activity for stablecoins has skyrocketed by 80%, reaching an impressive total of $156.3 billion. Meanwhile, RLUSD, one of the players in this market, has seen a trading volume of $175 million in the last 24 hours, thereby outpacing DAI, another significant stablecoin, which reported volumes of $133 million during the same period.

Read More

2025-01-14 15:48