110 wallets account for 99.6% of RLUSD payments on XRP Ledger

110 wallets generated 99.6% of RLUSD payments on the XRP Ledger over 30 days, executing approximately 7.79 million transactions from Sept. 19 to Oct. 18, transferring just 7722 Ripple's dollar-backed stablecoin. Each payment averaged about 0.001, with funds flowing into three collector addresses. This activity represented nearly all 7.82 million RLUSD payments during the period, raising questions about genuine adoption. Between Oct. 8 and Oct. 14, the same wallets generated 1.58 million of the network's 3.47 million account-to-account payments, or 45.6% of all such activity across cryptocurrencies. On Sept. 26, RLUSD recorded 573589 payments, but only 388 involved transfers worth at least 1. Bitquery identified 14600 payments worth at least 1, moving 7.33 billion, with 10 wallets accounting for 6.05 billion, or 82% of the total. The automated wallets were funded through addresses linked to Binance, and the operation cost approximately 495 XRP, valued at 648, on fees across 8.6 million transactions. Unusual transaction activity sharply declined on Oct. 14, coinciding with Cross River Bank's announcement of integrating RLUSD into its banking infrastructure. By Oct. 17, daily RLUSD payments had fallen to about 2000, significantly below the over 500000 transactions recorded during September's peak. The remaining high-value activity showed concentrated institutional settlement, with 828 payments worth at least 1 million accounting for 6.98 billion, or approximately 95% of larger-payment volume.

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