RLUSD Payments: 110 Wallets Drove 99.6% of Transfers
A Bitquery analysis found that 110 closely connected wallets generated 99.6% of RLUSD payments on the XRP Ledger over 30 days. The wallets made about 7.79 million transfers, but moved only 7,722 RLUSD, often in tiny payments to three addresses. Their activity boosted transaction counts without indicating comparable economic usage, and largely stopped by October 16. Bitquery could not identify who controlled the wallets or explain why the activity ended; the findings do not show that Binance or Ripple organized it. Excluding transfers under 1 RLUSD, the analysis counted about 14,600 payments worth $7.33 billion. That volume was concentrated among a small number of wallets and included issuer minting and redemptions, so it does not represent unique customer purchases. The data suggest RLUSD adoption is better assessed through transfer value and wallet concentration than raw payment counts. The activity also does not necessarily create significant XRP buying demand, as XRP is used for network fees.
Neutral
The findings are neutral for the broader crypto market and XRP in particular. They challenge the use of RLUSD payment counts as a measure of adoption, but do not establish that the stablecoin lacks legitimate demand or that Ripple or Binance was responsible for the concentrated activity. The 7.33 billion dollars in larger transfers may indicate substantial settlement flows, yet the concentration among a few wallets and the inclusion of minting and redemptions limit what can be inferred about organic customer use.
In the short term, traders may scrutinize RLUSD and XRP Ledger activity more closely, separating real-value transfers from automated or low-value payments. The report could temper bullish interpretations based solely on rising transaction counts, but it does not provide a clear catalyst for a broad XRP price move. XRP is used to pay network fees, though the reported low fees and tiny transfers imply little direct buying pressure.
Over the longer term, independently verified settlement data, active user growth and less concentrated activity will matter more to assessments of RLUSD adoption. Similar cases across crypto networks have shown that high transaction counts can reflect automated activity rather than broad economic use. Until the wallets’ operators and the purpose of the transfers are known, the market implications remain limited and uncertain.