XRP Ledger Under Fire: Just 110 Wallets Drive 99.6% of RLUSD Payments

• Just 110 wallets accounted for 99.6% of $RLUSD payments on the $XRP Ledger over 30 days, processing nearly 7.8 million transactions worth only $7,722.
• Automated transfers represented 45.6% of the network’s account-to-account payments during one week, complicating efforts to measure organic adoption.
• The decline in bot activity coincided with Cross River Bank’s integration of $RLUSD, highlighting the importance of distinguishing automated traffic from genuine stablecoin demand.
  

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The $XRP Ledger is facing fresh scrutiny after blockchain analytics revealed that a small group of wallets generated almost all $RLUSD payment transactions over a 30-day period. The findings raise questions about how analysts measure stablecoin adoption, while leaving room for a more nuanced assessment of the network’s underlying financial activity.

$XRP Ledger Data Reveals Concentrated $RLUSD Payment Activity

According to an investigation published on Oct. 19, blockchain analytics firm Bitquery identified 110 wallets that executed approximately 7.79 million $RLUSD transactions between Sept. 19 and Oct. 18. Despite the enormous transaction count, these transfers moved just $7,722 worth of Ripple’s dollar-pegged stablecoin.

Each payment averaged roughly $0.001, with funds repeatedly moving toward three collector addresses. The concentration suggests that automated processes, rather than widespread retail payments, drove much of $RLUSD’s recorded activity during the period.

The effect extended beyond the stablecoin itself. Between Oct. 8 and Oct. 14, the same group accounted for approximately 1.58 million of the $XRP Ledger’s 3.47 million account-to-account payments, representing 45.6% of the total. On Sept. 26, $RLUSD recorded 573,589 payments, but only 388 involved transfers worth at least $1.

These figures illustrate a key limitation of blockchain metrics. Transaction volume does not necessarily reflect genuine adoption, since it does not reveal the number of active users, the economic value transferred, or the strength of organic demand.

Bitquery also identified substantial high-value activity during the same period. Approximately 14,600 payments worth at least $1 moved $7.33 billion, with 10 wallets accounting for $6.05 billion. These figures indicate that significant financial flows continued alongside the low-value automated transfers.

$RLUSD Adoption And $XRP Ledger’s Institutional Potential

The automated activity began declining sharply on Oct. 14. Payments to the largest collector reportedly fell from around 8,200 per hour to 1,200 before stopping early on Oct. 15. By Oct. 17, daily $RLUSD payments had dropped to approximately 2,000.

This slowdown coincided with Cross River Bank’s announcement that it had integrated $RLUSD into its core banking infrastructure. The integration allows eligible fintech companies to access stablecoin payments and round-the-clock settlement through a single API. However, the available blockchain evidence does not establish that the announcement caused the automated wallets to stop operating.