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In a mere fortnight, Ripple’s $RLUSD stablecoin has witnessed its supply on Ethereum expand by $4.4 million. Yet, with 768 addresses in possession of the token, over 70% of the stablecoin’s supply lingers in the Ripple Deployer wallet or contract address.
Ripple’s $RLUSD Hits $4.4M in New Supply on Ethereum—Who Controls the Tokens?
In 2024, Ripple’s $RLUSD stablecoin garnered significant discussion and scrutiny, a digital currency pegged to the U.S. dollar or its equivalents, and deployed across both the Ethereum blockchain and $XRP Ledger (XRPL). Currently, there are 57.6 million $RLUSD tokens issued on Ethereum, having experienced 1,672 transfers. The bulk of these tokens, precisely 70.97% or about 40,880,019 tokens, remain under the control of the Ripple Deployer address.
The second largest wallet, tagged by Arkham Intelligence as possibly belonging to the B2C2 Group, comes with a caveat, as Arkham labels it with a query mark. B2C2 Group is renowned as a premier crypto-native liquidity provider, focusing on over-the-counter (OTC) and institutional solutions for digital asset trading. Regardless of its true owner, this wallet holds 3.03 million $RLUSD. The third largest wallet is in the custody of the crypto exchange Bullish.
Bullish’s address grips around 2.99 million $RLUSD, which accounts for 5.2% of the total supply. An unidentified wallet possesses the fourth largest amount of Ripple’s stablecoin, holding 2.89 million $RLUSD as of Jan. 4, 2025. The global multi-asset digital trading platform Uphold manages the fifth largest $RLUSD reserve with 2.28 million under its control. The sixth largest holder on the Ethereum blockchain remains a mystery, yet it contains exactly 1,600,000 coins. Mexico’s crypto exchange Bitso holds the seventh largest $RLUSD wallet.
Bitso currently possesses 1.24 million of Ripple’s stablecoin, representing approximately 2.15% of the entire 57.6 million supply. Ranking eighth is another unknown wallet with precisely 1 million $RLUSD, or 1.73% of the total supply. The ninth position is occupied by yet another enigmatic address, holding 410,000 $RLUSD today. Uphold also features as the tenth largest holder with 300,735 $RLUSD.
Bullish and Bitso stand out as the top exchanges with the highest $RLUSD trading volume; over the last day, the stablecoin experienced volume amounting to $611.78 million. Ripple’s $RLUSD stablecoin exhibits a blend of initial uptake and concentrated ownership, emphasizing its embryonic stage within the digital asset domain. While some activity peaks through exchanges like Bullish and Bitso, the future trajectory of $RLUSD hinges on building confidence and broadening its network, hinting at possible evolutions in the stablecoin arena for 2025.