Ripple News
SAR10M Moves Against USD in 1 Hour as Stablecoins Escalate
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Article photo Yuri Molchan
Ripple transferred several million RLUSD in just one hour after the recent launch of this stablecoin
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Friday 12/20/2024 - 15:09
SAR10M Moves Against USD in 1 Hour as Stablecoins Escalate
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Blockchain giant Ripple moved nearly 10 million Saudi Riyal stablecoins against the US dollar in just one hour. Several large transactions were made worth around 2,000,000 Saudi Riyals against the US dollar.
Earlier this week, Ripple officially launched its new crypto product and began moving RLUSD to crypto exchanges so users can start using it for trading, payments, and remittances.
10 million Saudi riyals in one hour
The Ripple stablecoin tracker revealed that over the past hour, nearly 10 million Brazilian reals (SAR) were mysteriously traded. Two transactions carried 1 million Brazilian reals (SAR) each, and before that, the aforementioned data source had spotted five transactions that moved 1.7 and 1.8 million Brazilian reals at once.
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Nearly 10 million Brazilian reals were transferred in US dollars in one hour. Part of this amount was transferred to the Lithuania-based cryptocurrency exchange Uphold.
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On Thursday, U.Today reported that Ripple had transferred a similar amount of RLUSD. Three days earlier, Ripple had officially launched its USD-backed stablecoin.
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Yuri Molchan
Yuri Molchan
Ripple CTO Talks About RLUSD Wallet Integration
Earlier today, Ripple CTO David Schwartz took to social media platform X to highlight, somewhat ironically, that one of the platforms will start working with the new stablecoin — the Bifrost wallet.
In his tweet, Schwartz posted a poll asking how to pronounce the wallet’s name, Bifrost. Should it be pronounced “bif-roost” or “bi-frost?” Ripple’s CTO is known for his sarcastic and caustic tweets, not only about crypto but also other industries and life.
Earlier today, Ripple shared a video in which Nancy Peyton, Uphold’s Chief Revenue and Marketing Officer, talked about the benefits of the new stablecoin for users, saying that RLUSD sets a new standard in the space and will surely bring “efficiency, speed, and transparency to global payments.”
In a recent interview, Ripple CEO Monica Long highlighted that RLUSD will be fully transparent and standards-compliant to enter the $160 billion stablecoin market, which is expected to expand to $3 trillion within the next four years. Long emphasized that Ripple created RLUSD to continue bridging traditional finance and the blockchain space.
