Ripple's stablecoin, RLUSD, has witnessed a surge in activity recently, with a staggering 15,742,960 RLUSD transacted across various platforms. This upswing in activity, according to data from a Ripple stablecoin tracker, underscores the growing interest in RLUSD amidst the current market volatility. A community account on X, dedicated to monitoring the minting, redemption, and transfer of Ripple's RLUSD, has reported numerous transactions within the last 24 hours.
The majority of these transactions involved RLUSD being moved between unidentified wallets, with some notable transfers originating from the RLUSD treasury to unknown wallets.Among the recorded transactions, two stood out: each involving 1,000,000 RLUSD transferred between unknown wallets. Further bolstering this trend, two separate transactions each saw 800,000 RLUSD and 500,000 RLUSD exchanged between unidentified wallets. Another significant movement involved 500,000 RLUSD being transferred from the RLUSD Treasury to an unknown wallet. Additionally, there were two transactions of 1,600,000 RLUSD each, along with 1,542,940 RLUSD exchanged between unknown wallets, and two transactions of 1,400,000 RLUSD transferred from unknown wallets.Ripple's stablecoin, RLUSD, was launched globally on exchanges on December 17, 2024, and has rapidly gained traction since then. Last week, Bitstamp announced the listing of Ripple USD (RLUSD) on the Ethereum network, further solidifying its position in the market. This listing has coincided with a 123% surge in trading volume, according to CoinMarketCap data, indicating heightened trading activity. This sharp increase in volume is attributed to the recent market uncertainty, with investors seeking stablecoin alternatives to navigate the volatile landscape. The cryptocurrency market experienced a significant sell-off yesterday, resulting in nearly $700 million in liquidations. This triggered a flight to stablecoins as traders attempted to protect their assets from further losses. Over the past 24 hours, the trading volume within the stablecoin sector has skyrocketed by 80% to surpass $156.3 billion. With $175 million in trading volume in the last 24 hours, RLUSD has surpassed DAI, a prominent stablecoin, which reported volumes of $133 million during the same timeframe.
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Ripple's RLUSD Sees Big Transfers Amidst Market BuzzRecently launched stablecoin RLUSD has seen significant transfers of nearly 20 million coins between anonymous wallets linked to Ripple Treasury. This activity coincides with a promotional campaign by Ripple and discussions about the token's potential by its executives, particularly CTO David Schwartz. The buzz surrounding RLUSD also fueled speculation about XRP's price surge, with users expressing their wishes for Christmas on X.
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