As a crypto investor, I’ve noticed from the updates on Ripple Stablecoin Tracker that Ripple, the dominant player in the blockchain sphere, has once again produced a significant amount of its latest offering – the Ripple USD stablecoin.
The ongoing RLUSD coin production occurs prior to a significant event anticipated towards the end of this month.
Over the last day, it appears that approximately 7 million of these stablecoins have moved from one place to another according to the same data source.
Ripple mints millions of RLUSD, 6.7 million moved
As an analyst, I recently discovered that about 16 hours ago, I, acting on behalf of the Ripple Treasury, produced a substantial amount of 1,790,000 units of our stablecoin, RLUSD.
💵💵💵💵💵💵 1,790,000 #RLUSD minted at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) January 6, 2025
The specified quantity of RLUSD was generated within the Ethereum network. Earlier, when the product was still in its private testing phase, Ripple had declared their intention to deploy both the XRP Ledger and Ethereum network for the launch of this stablecoin – XRP Stable Coin (RLUSD). As reported by U.Today on January 3rd, Ripple also produced a fresh batch consisting of 600,000 RLUSD.
Following the minting event, an analysis of the data source indicated that a total of approximately 6.7 million RLUSD were transferred over the preceding 24-hour period. As per Etherscan’s records, around 1.5 million of these tokens were moved by the major cryptocurrency exchange, Bitstamp.
As an analyst, I’m reporting that I observed a transfer of 500,000 RLUSD from Ripple. The remaining 6.7 million RLUSD, as previously stated, were moved by unknown ‘whales’ to untraceable blockchain wallets.
Towards the end of this month, the Ripple titan plans to publish an attestation report detailing the makeup of its backing assets for the RLUSD stablecoin. To date, Ripple has minted nearly $80 million worth of RLUSD, with around $83 million in reserve to support this digital currency.
As a financial analyst, I recently learned that Ripple had announced their plans for an independent audit of their RLUSD stablecoin. They assured us that they would make the initial attestation report available within a month following the public launch of this digital asset.
Ripple owns $100 billion in XRP and not going public
In a recent interview, Ripple’s CEO Brad Garlinghouse disclosed that the current value of XRP tokens held by Ripple exceeds $100 billion. He emphasized this point when discussing the company’s valuation. The CEO feels that this figure is significantly higher than the $11 billion reported by Reuters at the beginning of 2024.
Additionally, Garlinghouse dismissed rumors suggesting that Ripple plans to hold an Initial Public Offering (IPO), stating that it had never been a top priority for the company.
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2025-01-07 13:30