Ripple's RLUSD Stablecoin Saga Continues, Company Moves the Remainder of Tokens to Unknown Wallets on the Ethereum Network

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 Ripple is continuing to prepare for the launch of its stablecoin, Ripple USD (RLUSD), with the latest development being the transfer of a large amount of the tokens to unknown wallets on the Ethereum network.

According to the Ripple Stablecoin Tracker, the RLUSD transfers were observed earlier today on previously unknown Ethereum addresses, with the tokens being moved in bundles of 31,500 on average. In total, there were four such transfers today.

Additionally, transfers were also made on the XRP Ledger network. These wallets are likely Ripple’s, considering that the stablecoin has not yet been officially launched.

As reported by U.Today, RLUSD will be launched on both networks at once, though the choice of Ethereum as the other platform initially confused the XRP community.

Currently, Ripple USD is in the testing phase in order to fine-tune all the necessary mechanisms and launch it on the main network properly.

Being pegged to the U.S. dollar, RLUSD will join the ranks of other stablecoins, such as Tether (USDT), USD Coin (USDC), Binance USD (BUSD), TrueUSD (TUSD) and others.

However, 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 should 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.