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Ripple’s newly launched stablecoin RLUSD has made significant waves in the crypto market. According to data provided by the Ripple Stablecoin Tracker, more than 10.3 million RLUSD were transferred in batches, with a notable transaction of 1.5 million sent from the Ripple Treasury to the Lithuania-based crypto exchange Uphold.
In an interview, Ripple President Monica Long emphasized the growing demand for stablecoins that focus on regulatory compliance, diversification, and utility, which RLUSD aims to provide. She believes that the launch of RLUSD is another significant step in bridging the gap between traditional finance and blockchain.
RLUSD’s recent surge in transactions has sparked speculation about its potential impact on the crypto market. With a valuation of around $160 billion, the stablecoin market is expected to grow to approximately $3 trillion within the next four years, according to Long’s prediction.
Meanwhile, the SEC is reportedly preparing for a shutdown amid increasing criticism over its handling of digital asset regulation. While no official announcement has been made, this development could have significant implications for the crypto industry as a whole.
On a separate note, Shiba Inu (SHIB) whales are rapidly selling their tokens. The sudden sell-off may be a result of market sentiment and the potential impact on SHIB’s value remains to be seen.
Lastly, millions of RLUSD are ready to hit the market after its recent launch. As the world continues to move towards digital transformation, it will be interesting to see how these developments shape the future of cryptocurrency.
Please note that there is no connection between RLUSD and Shiba Inu (SHIB) in terms of transaction data provided by Ripple Stablecoin Tracker.
Source: u.today
