441,000 Ripple USD (RLUSD) in One Hour – What's Happening?

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Data shared by the Ripple Stablecoin Tracker account on the X platform has revealed six consecutive transactions, which carried a massive amount of Ripple USD (RLUSD) stablecoins each.

All those transfers were conducted within a single hour, and they carried 441,000 RLUSD, cumulatively. They were the first RLUSD transfers facilitated by Ripple after a pause that lasted several weeks.

441,000 RLUSD transfer facilitated

The aforementioned data source revealed the details of six transactions that took place roughly 15 hours ago. Per the tweets, some of them were conducted between anonymous wallets, which were likely affiliated with Ripple somehow or unknown addresses and the RLUSD Treasury.

The smallest transfer here comprised 58,500 RLUSD, and the largest one constituted 88,500 RLUSD. There were also two transfers of 68,500 RLUSD and two 78,500 RLUSD each.

Prior to that, a 100,000 RLUSD transaction was spotted by the same RLUSD tracking service as early as October 26. This means that for approximately two weeks, RLUSD Treasury neither minted nor transferred any of those stablecoins. All those transfers were made as part of testing the new stablecoin before launching it onto the cryptocurrency market.

Earlier, Ripple chief executive Brad Garlinghouse proudly stated that he aimed to make RLUSD a gold standard for enterprise-grade stablecoins. The new asset has been in the making now for roughly a year, and Ripple began testing it in closed beta in August this year.

Half billion XRP on move

Earlier this week, prominent crypto tracker Whale Alert spotted a little more than 500 million XRP coins transferred in two batches – 100,000,000 XRP evaluated at $53,270,381 and 470,000,000 XRP worth $250,454,910. The funds were transferred from one wallet to another, with the sender and the receiver remaining unknown.

The 470 million XRP transfer was initiated by the San Francisco-based blockchain behemoth Ripple, and it went off to an anonymous wallet, according to data from another data source, XRP-focused Bithomp platform. Ripple is known for frequently sending XRP to its Ripple Payment partners and to its institutional customers. Besides, the company also often sells part of its XRP holdings and converts them to fiat to cover its operational and legal expenses connected to the long-lasting SEC-Ripple case.