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In the last 24 hours, Ripple’s RLUSD stablecoin has seen an increase in activity, with 15,742,960 RLUSD moved across various transactions, according to Ripple stablecoin tracker data. This trend highlights the growing interest in the Ripple stablecoin amid the current market uncertainty.
Ripple Stablecoin Tracker, a community account on X tracking the minting, redemption and transfer of Ripple's RLUSD, has reported several transactions in the last 24 hours, the majority of which included RLUSD being transferred between unknown wallets and one from the RLUSD treasury into unknown wallets.
The most recent are two transactions each of 1,800,010 RLUSD transferred between unknown wallets.
Tomiwabold OlajideOthers include: two transactions each of 1,000,000 RLUSD transferred between unknown wallets; two transactions each of 800,000 RLUSD and 500,000 RLUSD sent between unknown wallets; another 500,000 RLUSD transferred from RLUSD Treasury to an unknown wallet; two transactions of 1,600,000 RLUSD; 1,542,940 RLUSD exchanged between unknown wallets; and two transactions each of 1,400,000 RLUSD transferred from unknown wallets.
Ripple stablecoin launched globally on exchanges on Dec. 17, 2024 and has since gained traction. In the past week, Bitstamp announced the listing of Ripple USD (RLUSD) on the Ethereum network.
RLUSD explodes 123% in trading volume
Ripple’s RLUSD stablecoin has seen a 123% increase in trading volume, according to CoinMarketCap data, indicating higher trading activity. The sharp rise in volume comes amid the recent market uncertainty, with investors seeking stablecoin alternatives to weather the storm.
The cryptocurrency market experienced a sell-off in yesterday's trading session, wiping out almost $700 million in liquidations. This led to a flight to stablecoins as traders sought to protect their assets from further losses.
In the last 24 hours, the trading volume of the stablecoin sector has surged 80% to surpass $156.3 billion. With $175 million in trading volume in the last 24 hours, RLUSD has overtaken DAI, one of the major stablecoins on the market, which is reporting volumes of $133 million in the same time frame.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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