10 Million RLUSD Moved in One Hour as Things With Stablecoin Heating Up

Ripple blockchain behemoth has transferred close to 10 million RLUSD stablecoins within a single hour. Several large transactions close to 2,000,000 RLUSD each have taken place.

Earlier this week, Ripple made an official launch of its new product in the crypto space and has begun to transfer RLUSD to cryptocurrency exchanges for users to begin using it for trading, payments and remittance.

10 million RLUSD in one hour

Ripple Stablecoin Tracker has revealed that over the past hour, roughly 10,000,000 RLUSD have changed hands mysteriously. Two transfers carried one million RLUSD each and, before that, the aforementioned data source spotted five transactions that moved 1.7 and 1.8 million at a go.

Roughly 10 million RLUSD have been moved in total in a single hour. Part of that amount was transferred to Lithuania-based cryptocurrency exchange Uphold.

On Thursday, U.Today reported that Ripple had transferred a similar amount of RLUSD. Three days ago, Ripple officially launched its U.S. dollar-backed stablecoin.

Ripple CTO addresses wallet integrating RLUSD

Earlier today, Ripple chief technology officer (CTO) David Schwartz took to the X social media network to highlight, in a somewhat sarcastic manner, one of the platforms will begin work with the new stablecoin – Bifrost wallet.

In his tweet, Schwartz published a poll, asking the correct way to pronounce the wallet’s title, Bifrost. Should it be pronounced “beef-roast” or “buy-frost?” The Ripple CTO is well-known for his sarcastic and acid tweets, regarding not only the crypto space but other industries and life spheres as well.

Earlier today, Ripple shared a video, in which the Chief Revenue and Marketing Officer at Uphold, Nancy Beaton, spoke about the benefits of the new stablecoin for users, saying that RLUSD sets new standards in this sphere and will definitely bring “efficiency, speed and transparency to global payments.”

In a recent interview, Ripple President Monica Long highlighted that RLUSD will be fully transparent and compliant to enter the $160 billion market of stablecoins, which is expected to expand to a whopping $3 trillion within the next four years. Long stressed that Ripple created RLUSD to continue bridging traditional finance and the blockchain sphere.