審視RLUSD供應量激增及集中式持股風險

在短短兩週內，Ripple 的 RLUSD 穩定幣經歷了顯著增長，其在以太坊區塊鏈上的供應量增加了 440 萬美元。

Ripple’s [XRP] stablecoin, RLUSD, has seen a massive surge in its supply on the Ethereum blockchain over the last two weeks. According to data from Etherscan on 23 March, the total supply of RLUSD on the blockchain had increased by $4.4 million.

過去兩週，Ripple 的 [XRP] 穩定幣 RLUSD 在以太坊區塊鏈上的供應量大幅增加。根據 Etherscan 3 月 23 日的數據，區塊鏈上 RLUSD 的總供應量增加了 440 萬美元。

This rapid expansion highlighted both the rising interest and adoption of the stablecoin. However, a key concern that emerged was the concentration of RLUSD holdings.

這種快速擴張凸顯了人們對穩定幣的興趣和採用的不斷增長。然而，出現的一個主要擔憂是 RLUSD 持股的集中度。

A Deep Dive Into RLUSD’s Growth Spurt

深入探討 RLUSD 的爆炸性成長

The recent increase in RLUSD’s supply on Ethereum was hard to miss. This growth signaled both a demand for the token and the growing influence of Ripple in the stablecoin market.

在以太坊上 RLUSD 供應量的增加不容忽視。這種增長表明了對代幣的需求以及瑞波幣在穩定幣市場中日益增長的影響力。

The RLUSD token, which was pegged to the US dollar, aimed to provide stability and compliance for transactions on both the Ethereum blockchain and the XRP Ledger. This stability was underpinned by assets such as US dollar deposits, US Treasury securities, and cash equivalents.

RLUSD 代幣與美元掛鉤，旨在為以太坊區塊鏈和 XRP Ledger 上的交易提供穩定性和合規性。這種穩定性是由美元存款、美國國債和現金等價物等資產支撐的。

As a licensed money transmitter in the state of New York, XRPL Labs Inc played a pivotal role in minting and distributing RLUSD. This process involved burning XRP tokens on the XRP Ledger and crediting the corresponding USD₮ (Tether) stablecoin tokens to the designated addresses on the Ethereum blockchain.

作為紐約州獲得許可的貨幣傳輸機構，XRPL Labs Inc 在 RLUSD 的鑄造和分發方面發揮了關鍵作用。此過程涉及在 XRP Ledger 上銷毀 XRP 代幣，並將相應的 USD₮（Tether）穩定幣代幣記入以太坊區塊鏈上的指定地址。

These eUSD (لسلّار إلكتروني) tokens were then automatically swapped for RLUSD tokens on a decentralized exchange, and the USD₮ (Tether) stablecoin tokens were burned. Finally, the RLUSD tokens were credited to the respective hardware wallets for safekeeping.

然後，這些 eUSD (???) 代幣在去中心化交易所自動交換為 RLUSD 代幣，並且 USD₮ (Tether) 穩定幣代幣被銷毀。最後，RLUSD 代幣被記入各自的硬體錢包進行妥善保管。

Part of a Larger Strategy

更大戰略的一部分

This strategy of minting and distributing RLUSD was part of a larger vision to enhance Ripple’s role in cross-border payments and the global financial ecosystem.

這種鑄造和分配 RLUSD 的策略是增強 Ripple 在跨境支付和全球金融生態系統中的作用的更大願景的一部分。

The recent expansion of RLUSD’s supply also highlighted the company’s growing push to provide a compliant and stable alternative to other cryptocurrencies and stablecoins in the market.

最近 RLUSD 供應量的擴張也凸顯了該公司不斷努力為市場上其他加密貨幣和穩定幣提供合規且穩定的替代品。

The Risk of Concentrated Holdings

集中持股的風險

While the growth in RLUSD’s supply was positive in many respects, the concentration of its holdings among just 768 addresses raised concerns. This centralization meant that a small group of individuals or entities held significant control over the token’s total supply.

雖然 RLUSD 供應量的增長在許多方面都是積極的，但其持有量集中在 768 個地址上引起了擔憂。這種集中化意味著一小群個人或實體對代幣的總供應有重大控制權。

In the context of a stablecoin, this could lead to issues of liquidity, market manipulation, or instability, as large holders might be able to impact the price or availability of the token through significant transactions or market moves.

在穩定幣的背景下，這可能會導致流動性、市場操縱或不穩定問題，因為大持有者可能能夠透過重大交易或市場變動影響代幣的價格或可用性。

This concentration of holdings was not unique to RLUSD, as many cryptocurrencies and stablecoins faced similar distribution challenges. However, it highlighted the importance of monitoring the activities of major holders, as their actions could have a disproportionate effect on the token’s market dynamics.

這種持股集中度並不是 RLUSD 獨有的，因為許多加密貨幣和穩定幣都面臨類似的分配挑戰。然而，它強調了監控主要持有者活動的重要性，因為他們的行為可能會對代幣的市場動態產生不成比例的影響。

Tracking Ripple’s Strategic Stablecoin Play

追蹤 Ripple 的穩定幣策略

As an asset-backed stablecoin fully pegged to the US dollar, RLUSD aimed to fill a gap in the market for stable and regulated digital assets, particularly for international transactions.

作為一種完全與美元掛鉤的資產支持穩定幣，RLUSD 旨在填補穩定且受監管的數位資產市場的空白，特別是國際交易方面。

The stablecoin was designed to be easily accessible on both the Ethereum blockchain and the XRP Ledger, and it adhered to strict regulatory guidelines.

該穩定幣的設計目的是可以在以太坊區塊鏈和 XRP 帳本上輕鬆訪問，並遵守嚴格的監管準則。

As the leading decentralized exchange on the XRP Ledger, Sologenic played a crucial role in facilitating the integration of RLUSD into the XRP ecosystem.

作為 XRP Ledger 上領先的去中心化交易所，Sologenic 在促進 RLUSD 融入 XRP 生態系統方面發揮了至關重要的作用。

This integration aimed to provide users with a diverse range of stablecoins and further enhance the utility of the XRP Ledger.

此次整合旨在為用戶提供多樣化的穩定幣，並進一步增強 XRP Ledger 的實用性。

Moreover, Ripple’s focus on regulatory compliance and strategic partnerships with major exchanges was part of a broader effort to integrate RLUSD into the existing financial ecosystem.

此外，Ripple 注重監管合規性以及與主要交易所的策略合作夥伴關係，這是將 RLUSD 整合到現有金融生態系統的更廣泛努力的一部分。

The company’s ability to navigate complex regulatory environments and foster collaboration with key players could be crucial to the stablecoin’s success and adoption.

該公司應對複雜監管環境並促進與主要參與者合作的能力對於穩定幣的成功和採用至關重要。

As the stablecoin market continued to evolve, Ripple’s RLUSD would likely play a key role in shaping the future of digital payments.

隨著穩定幣市場的不斷發展，Ripple 的 RLUSD 可能會在塑造數位支付的未來方面發揮關鍵作用。

However, the concentration of holdings and its potential implications for liquidity and stability would need to be carefully monitored as the token grew in usage.

然而，隨著代幣使用量的成長，需要仔細監控持有的集中度及其對流動性和穩定性的潛在影響。