The “Ripple Stablecoin Tracker” account on the X social media platform (popular as Twitter in the past) has reported that Ripple blockchain giant has issued two more big stashes of its RLUSD stablecoin, which has been testing since August.
While the San Francisco-based company is trialing its new asset, it continues to both release and burn RLUSD.
970 RLUSD issued, 100 RLUSD burned
“Ripple Stablecoin Tracker” tweeted that over the past eight hours, Ripple crypto juggernaut has issued two stablecoin stashes, each containing 485 RLUSD. These were the largest single RLUSD chunks minted so far since the project’s trial launched in late August.
💵💵💵 485 #RLUSD minted at RLUSD Treasury.https://t.co/865wLnhyJt
— Ripple Stablecoin Tracker (@RL_Tracker) September 24, 2024
In the meantime, two stablecoin lumps, comprising 50 RLUSD each, were burned at the RLUSD Treasury, according to the same data source. Burning usually means locking existing coins in wallets from which they can never be withdrawn or spent otherwise.
🔥🔥🔥 50 #RLUSD burned at RLUSD Treasury.https://t.co/Lo7CRAcO9d
— Ripple Stablecoin Tracker (@RL_Tracker) September 24, 2024
As reported by U.Today earlier, Ripple decided to tap the $2.8 trillion market of stablecoins (the value it is expected to reach by 2028) and release its own stablecoin pegged to the U.S. dollar at a 1:1 rate. RLUSD will be launched both on the XRP Ledger and on the Ethereum blockchain. Currently, the stablecoin market is valued at slightly more than $2 trillion, and Ripple is clearly aiming to try and get a big slice of this fast-growing pie.
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Ripple transfers 200 million XRP into unknown
Today, prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transactions and then shares the details on its X account, reported that Ripple transferred a staggering 200,000,000 XRP to an anonymous blockchain wallet.
The vast XRP community was intrigued as many crypto fans shared their bewilderment mixed with excitement in the comments under the tweet. Some assumed that it could be a settlement, while others clearly believed this to be a bullish factor for XRP.
🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (117,619,123 USD) transferred from #Ripple to unknown wallethttps://t.co/7e1gB5P684
— Whale Alert (@whale_alert) September 23, 2024
In reality, according to XRP-focused explorer Bithomp, Ripple transferred this massive XRP stash to a wallet affiliated with Ripple. This is frequently done by the company when it plans to use funds for outside payments or for selling XRP on crypto exchanges.
Earlier, U.Today also reported that one of the Ripple founders, Chris Larsen (its former CEO and currently executive chairman) transacted 3 million XRP to Binance and 15 million XRP to the Bittrex exchange.
