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Ripple now holds less than 50% of the $XRP supply for the first time in its 10-year history.
In a tweet today, Ripple shared its quarterly $XRP market report for Q3 2022, revealing that for the first time, the company held less than 50% of the supply, further countering centralization concerns.
“Across Ripple’s various wallets, the amount of $XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply.”
In the latest $XRP Markets report, we discuss Ripple’s $XRP holdings (now <50% of total supply), the state of global crypto regulation 🌎, macroeconomic moves and On-Demand Liquidity continued domination. 👇 https://t.co/sKSN5g9I5C
— Ripple (@Ripple) October 27, 2022
The company clarified that the $XRP Ledger consensus mechanism ensures that irrespective of the amount of $XRP held, each validator node only had one vote. It is worth noting that Ripple runs only 4 out of the over 130 $XRP validators.
Commenting on the development, Ripple chief Brad Garlinghouse described the feat as a significant milestone in its ten-year history. Moreover, according to Garlinghouse, it is a testament to the growing utility of the $XRP token.
“Below 50% – a huge milestone!” Garlinghouse wrote. “For 10 years, Ripple has focused on using $XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use $XRP in their payments flows, it’s clear there is real utility here.”