8,104,394 Ripple RLUSD Stablecoin in 24 Hours: What's Happening?

In the last 24 hours, Ripple’s $RLUSD stablecoin has seen significant movement across unknown wallets. According to on-chain data, 12 transactions involving $RLUSD were recorded in this time frame, totaling 8,104,394 $RLUSD. The most recent transaction involved 588,029 $RLUSD, which was moved between two unknown wallets.

Ripple Stablecoin Tracker, a community account on X tracking the minting, redemption and transfer of Ripple's $RLUSD, reports transactions involving the $RLUSD stablecoin within the last 24 hours: 588,029 $RLUSD went from one unknown wallet to another, and several other transactions ranged between 500,000 and 1,000,000 $RLUSD apiece. The total amount moved across these 12 transactions was 8,104,394 $RLUSD.

The transactions are as follows: 588,029 $RLUSD and four transactions of 600,000 $RLUSD moved between unknown wallets; two transactions of 500,000 $RLUSD moved between unknown wallets; 586,230 $RLUSD and 980,220 $RLUSD were transferred between unknown wallets; and two transactions of 1,000,000 $RLUSD and 549,915 $RLUSD were transferred between unknown wallets.

Ripple stablecoin gains traction

Since its launch on Dec. 17, Ripple stablecoin has gained traction in recent weeks. Major crypto exchange Bitstamp recently announced the addition of Ripple USD ($RLUSD) on the Ethereum network to its range of assets. $RLUSD is intended for institutional-grade financial use cases, such as payments and tokenization.

The following pairs have been added to the Bitstamp platform: $RLUSD/Euro EUR, $RLUSD/USD Dollar, $RLUSD/USDT, $RLUSD/Bitcoin BTC, $RLUSD/Ethereum ETH and $RLUSD/$XRP.

Ripple President Monica Long expects to see $RLUSD on more platforms "imminently" and also shared her expectation of an $XRP ETF soon.

In a recent tweet, the Ripple president indicated that with the stablecoin market poised for exponential growth this year, use cases such as on/off ramps, access to USD and enterprise cross-border payments would only become more robust, bolstered by complementary assets like $XRP.

This week, Ripple announced that $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data.