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Ripple’s newly launched stablecoin, RLUSD, is already making waves in the crypto market. According to data from Ripple Stablecoin Tracker, over 10.3 million RLUSD were transferred in batches. This significant movement comes as the SEC prepares for a potential shutdown.
One of the most notable transactions involves 1.5 million RLUSD sent from the Ripple Treasury to Lithuania-based crypto exchange Uphold. This massive transfer has sparked concerns about the coin’s supply and demand dynamics.
In an interview, Ripple President Monica Long highlighted the growing importance of stablecoins in the cryptocurrency market. She emphasized that the current valuation of around $160 billion could potentially reach $3 trillion by 2024. Long believes that RLUSD offers a unique opportunity to provide regulatory compliance, diversification, and utility for users.
The recent surge in transactions comes as Ripple aims to bridge the gap between traditional finance and blockchain technology through the launch of RLUSD. The goal is to create a reliable and secure store of value.
Source: u.today
