🚀 Stay Ahead with AltcoinDaily.co! 🌐
Ripple Labs, the blockchain payments company, has intensified its on-chain activities. This ramping up signals notable progress in its beta version testing process. Lately, Ripple has engaged in massive minting and burning of RLUSD to ensure that the platform is secure and reliable.
Massive RLUSD Transfer Sparks Speculation
In another notable development, Ripple initiated a massive transfer from a Ripple provider address to an unknown wallet. A staggering 3.5 million RLUSD were moved between the wallets. The transfer involved two unknown wallet addresses: “0x3BAf” and “0xFbcA.”
According to Etherscan, the receiving address “0xFbcA” transferred the tokens to “0xa2Eea.” Notably, the transfer of the new digital asset took place on the Ethereum blockchain. As Ripple plans, the RLUSD will launch exclusively on the Ethereum blockchain.
🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰
Experts suggest that the massive transfer might indicate that the blockchain payment platform has decided to speed up its rollout. Although there has been no official statement from Ripple, increasing speculations abound about a launch before the end of 2024. This gained traction following CEO Brad Garlinghouse’s teasing that “the US dollar-pegged stablecoin is launching ‘in weeks, not months.’”
Minting and Burning Activity Increases Ahead of Rollout
Market watchers say the 3.5 million RLUSD transfer falls into one of the largest flows. It might indicate an acceleration of the beta testing process ahead of an impending rollout. Many users started anticipating as soon as Ripple intensified its minting and burn activities.
As reported by The CoinRise, Ripple minted 300,000 RLUSD to facilitate stablecoin development. Additionally, on September 27, Ripple minted 50,000 RLUSD and burned 50 RLUSD. However, according to a report, the largest minting by Ripple at RLUSD Treasury since minting commenced in August was the 10 million tokens on October 3.
🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀
Will Legal Battle Add Complexity to Ripple’s Plans?
As the broader crypto community awaits the rollout of Ripple’s RLUSD, Bitnomial, a cryptocurrency exchange, has sued the U.S. Securities and Exchange Commission (SEC). The exchange accused the SEC of overreaching and discharging its regulatory duties.
Bitnomial filed the lawsuit in Federal Court in Illinois. It argues that the Commodity Futures Trading Commission (CFTC) is responsible for regulating XRP, the digital asset associated with Ripple Labs. The exchange is praying the court for an injunction to prevent the SEC from enforcing its jurisdiction over these derivatives.
