Ripple Accelerates Stablecoin Launch With RLUSD Transfers to Unknown Ethereum Wallets

Ripple's RLUSD stablecoin saga continues. Just yesterday, U.Today reported that tens of millions of tokens had been burned on the Ethereum and XRP Ledger networks when, today, the San Francisco-based crypto company began moving the remainder of Ripple USD to unknown wallets on the Ethereum network.

According to the Ripple Stablecoin Tracker, RLUSD transfers were seen earlier today on previously unknown Ethereum addresses in bundles of 31,500 tokens on average. In total, there were four such transfers today. In addition, transfers were also made on the XRP Ledger network. These wallets are probably Ripple's, given that the stablecoin has not yet been officially launched.

As we know, RLUSD will be launched on both networks at once, although the choice of Ethereum as another platform initially confused the XRP community. At the moment, Ripple USD is in the testing phase in order to refine all the necessary mechanisms and launch it on the main network properly.

When will Ripple USD (RLUSD) launch?

The stablecoin segment is a dangerous place, and the crypto market knows stories like UST from the TerraLuna project team, so the slightest hint that something is going wrong will leave a stain on the reputation of RLUSD and Ripple itself.

Nevertheless, it was initially reported that the stablecoin would have to be launched by the end of the year, and that is less than a month and a half away.

According to top Ripple execs, RLUSD is already “operationally ready,” and the company is just waiting for the green light from the New York Department of Financial Services.

However, perhaps this is what will prevent the crypto company's plans to close out the extremely successful 2024 on such a note, given the shifts in the U.S. political environment, directly affecting the country's regulatory zone.