As a seasoned analyst with over two decades of experience in the ever-evolving world of blockchain and cryptocurrencies, I must say that the recent moves by Ripple are intriguing to say the least. The continuous testing and issuance/burning of its stablecoin, RLUSD, show a company that is not only dipping its toes but rather taking a plunge into the multi-trillion dollar stablecoin market.
On the X social media platform, commonly known as Twitter in the past, the “Ripple Stablecoin Tracker” account has shared news that Ripple, the major blockchain company, has released two additional large quantities of its RLUSD stablecoin, a currency it has been testing since August.
As the company based in San Francisco tests its latest asset, it simultaneously issues and destroys RLUSD tokens.
970 RLUSD issued, 100 RLUSD burned
The Ripple Stablecoin Tracker tweeted that during the last eight hours, the Ripple cryptocurrency giant has produced two stablecoin deposits, each holding 485 units of RLUSD. These are the largest individual minted amounts of RLUSD since the project’s trial began in late August.
💵💵💵 485 #RLUSD minted at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) September 24, 2024
As a researcher, I’m reporting an instance where two units, each equivalent to 50 RLUSD, were permanently removed from circulation at the RLUSD Treasury. This process is referred to as “burning,” which essentially means securing these coins in wallets, rendering them inaccessible for future withdrawal or use.
🔥🔥🔥 50 #RLUSD burned at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) September 24, 2024
According to U.Today’s earlier report, Ripple intends to enter the booming $2.8 trillion stablecoin market (expected value by 2028) by introducing its own US dollar-backed stablecoin, called RLUSD. This stablecoin will be available on both the XRP Ledger and Ethereum blockchain. At present, the stablecoin market is worth over $2 trillion, and it appears that Ripple is eager to secure a significant portion of this rapidly expanding sector.
Ripple transfers 200 million XRP into unknown
Today, the well-known blockchain tracker Whale Alert, known for monitoring significant cryptocurrency transactions and broadcasting the information via its Twitter account, revealed that Ripple moved a massive 200 million XRP to an unidentified digital wallet.
A significant number of people within the XRP community showed great interest, with many cryptocurrency enthusiasts expressing a mix of confusion and anticipation in their comment threads under the tweet. Some speculated that it could potentially represent a settlement, while others firmly believed this development might be a positive sign for XRP’s future market performance.
In essence, as reported by the XRP-centric explorer Bithomp, it appears that Ripple moved a substantial amount of XRP into a wallet known to be connected with them. This action is often taken by the company when they intend to utilize funds for transactions outside the organization or for selling XRP on cryptocurrency exchanges.
Previously, it was mentioned by U.Today that Chris Larsen, a co-founder of Ripple, executed transactions involving 3 million XRP on Binance and 15 million XRP on the Bittrex platform.
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2024-09-24 13:15