Ripple has moved nearly 10 million RLUSD stablecoins within a single hour, sparking curiosity in the crypto community. Several large transactions, each close to 2 million, were observed. This development follows Ripple’s recent launch of its U.S. dollar-backed stablecoin, which the company has started distributing to cryptocurrency exchanges. The move allows users to trade, make payments, and facilitate remittances using RLUSD.
[Unapproved link] revealed the details of these movements. The tracker noted two transfers of 1 million RLUSD each, alongside five larger transfers of 1.7 million and 1.8 million RLUSD. The cumulative 10 million RLUSD transferred within an hour included a portion sent to the Lithuania-based exchange, Uphold.
Earlier in the week, reports highlighted similar large-scale transfers, fueling more speculation about Ripple’s plans. Ripple’s official launch of its stablecoin has drawn significant attention. The company aims to position RLUSD as a major player in the stablecoin market, which experts predict will grow from $160 billion to $3 trillion in the next four years.
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Ripple President Monica Long emphasized Ripple’s commitment to making RLUSD transparent and fully compliant.By bridging traditional finance with blockchain technology, Ripple seeks to capture a significant share of the stablecoin market.
Ripple’s efforts have received support from Uphold’s Chief Revenue and Marketing Officer, Nancy Beaton. In a recently shared video, Beaton praised RLUSD’s potential to set new standards for speed, efficiency, and transparency in global payments.
Her statement highlighted the stablecoin’s potential to streamline payment processes and attract more users. Ripple’s Chief Technology Officer, David Schwartz, engaged the community with a playful poll on social media platform X. He humorously questioned the pronunciation of “Bifrost Wallet,” which is set to support RLUSD. The lighthearted interaction showcased Schwartz’s well-known witty online presence while keeping the community’s attention on Ripple’s latest developments.
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With its official launch and growing momentum, RLUSD aims to strengthen Ripple’s position in the stablecoin market. Ripple’s strategic moves, combined with growing partnerships and community engagement, suggest that RLUSD could play a pivotal role in transforming cross-border payments and blockchain finance.
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