Key facts
- Blockchain tracker Whale Alert recorded two transfers of 500 million XRP each on November 1, totaling 1 billion tokens.
- The two transfers were each listed at $626.43 million, per Whale Alert.
- Ripple placed 55 billion XRP into escrow to make distribution more predictable, the report said.
- Jack McDonald, XRPL's senior vice president of stablecoins, said RLUSD activity on the XRP Ledger generates fees paid in XRP.
- McDonald cited Ripple's OCC bank charter and a Moody's investment-grade rating for RLUSD as factors drawing institutional interest.
Ripple's escrow released two tranches of 500 million XRP on November 1, totaling 1 billion tokens, according to blockchain tracker Whale Alert, which recorded each transaction at a value of $626.43 million.
Ripple placed 55 billion XRP into escrow to make token distribution more predictable. Monthly unlocks do not all reach the market: the report said Ripple has relocked 700 million tokens in past cycles, with the remainder potentially reserved for operations, liquidity and ecosystem projects.
In the same report, Jack McDonald, XRPL's senior vice president of stablecoins, said RLUSD's growing use on the XRP Ledger supports demand for XRP because fees on the network are paid in XRP. "Every single time we mint or use RLUSD on the XRP ledger is positive for XRP," he said. McDonald said RLUSD is used more widely on XRPL than on networks such as Ethereum, and cited Ripple's Office of the Comptroller of the Currency bank charter and a Moody's investment-grade rating for RLUSD as factors drawing institutional interest. He also named BNY Mellon and Cross River as institutions he discussed.