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Ripple's stablecoin, RLUSD, has been getting a lot of attention in the crypto community as the company is currently testing the beta version to ensure that Ripple USD is reliable and secure. For weeks now, many crypto enthusiasts have been seeing reports of the stablecoin being burned, minted and transferred.
While we don't know exactly when it will launch, recent updates from Ripple executives suggest that it could happen before the end of the year.
The latest episode from this launch phase of the new stable digital asset was the transfer of 3.5 million RLUSD on the Ethereum blockchain.
The transaction took place between two unknown addresses "0x3BAf" and "0xFbcA," with the former reportedly being a Ripple provider address, according to Etherscan. After receiving the stablecoins, the receiving address transferred them to "0xa2Eea," where the tokens now reside.
🚨🚨🚨🚨🚨🚨 3,500,000 #RLUSD transferred from unknown wallet to unknown wallet.https://t.co/AUVCY8dzhH
— Ripple Stablecoin Tracker (@RL_Tracker) October 13, 2024
This was one of the largest transfers of RLUSD to date, which could indirectly mean that beta testing is accelerating and the launch is closer than you might think.
Will Ripple be able to keep up?
The stablecoin market is a risky business. Once you lose the trust of users, it can be very difficult to regain it. Many may remember how Terraform Labs' UST blew up, causing a bloodbath worth tens of billions of dollars and dragging other assets like LUNA down to zero.
On the other hand, it is estimated that this particular segment of the crypto market could grow to $2.8 trillion over the next four years. Impressive when you consider that the total capitalization of the crypto market is currently just over $2.19 trillion.