Ripple, the San Francisco-based blockchain behemoth, which operates the currently third largest cryptocurrency XRP, has issued a tweet that highlights the recent official release of the company’s new product RLUSD and shares details of it, as well as access to the whitepaper.
"Say hello to Ripple USD"
In the aforementioned Ripple post, the company invited the crypto community to “say hello to Ripple USD” — a product “backed by over 10 years of on-chain experience.” The post also contains a link leading the Ripple website where anyone can gain access to the RLUSD whitepaper.
The RLUSD page on Ripple’s website says that the company’s new product offers payments in real-time and seamless fiat to RLUSD stablecoin on/off ramps. It allows holding, buying and trading tokenized USD using the new stablecoin that lives up to high standards and backed by cash reserves, Treasuries and similar cash equivalents.
Backed by over 10 years of onchain experience. Say hello to Ripple USD: https://t.co/SEX2ANdZmP pic.twitter.com/21t1yWTrxU
— Ripple (@Ripple) January 2, 2025
RLUSD whitepaper revealed by Ripple
The stablecoin was issued both on the Ethereum blockchain and XRP Ledger after several months’ testing, which started in August and ended in December. According to the whitepaper that is accessible on the website, the RLUSD stablecoin offers high speed and low-cost transactions, along with high scalability on XRP Ledger — the latter allows conducting more than 1,500 transactions per second.
Ripple plans to utilize RLUSD as part of the company’s cross-border payments platform that shovels the equivalents of billions of U.S. dollars. The whitepaper says that Ripple created RLUSD mainly keeping in mind “cross-border payments and institutional adoption,” however, the document stresses that it is suitable for many other integrations as well.
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Ripple receives 300 million XRP from anonymous sender
On Jan. 1, popular blockchain tracker Whale Alert spotted two large XRP transfers. The first one carried 500,000,000, while the second one moved 300,000,000 XRP.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (649,772,203 USD) transferred from unknown wallet to #Ripplehttps://t.co/6tJSzShjgt
— Whale Alert (@whale_alert) January 1, 2025
Whale Alert stated that the half billion XRP worth slightly more than $1 billion was released from escrow. Traditionally, on the first day of each month, 1 billion XRP are released from escrow by Ripple crypto juggernaut. However, no additional data was shared by the aforesaid source.
As for the second transaction, Ripple received 300,000,000 XRP from an anonymous wallet. Details shared by Whale Alert show that the sender’s address belongs to Ripple.
