XRP Ledger’s booming activity faces scrutiny as 110 bot wallets dominate RLUSD payments
Bitquery's September 19–October 18 study separates automated counts from billions in larger transfers, including issuer flows. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Just 110 wallets generated 99.6% of RLUSD payments on the XRP Ledger (XRPL) over 30 days, blockchain analytics firm Bitquery found.
The wallets executed approximately 7.79 million transactions between Sept. 19 and Oct. 18, transferring just $7,722 worth of Ripple's dollar-backed stablecoin, according to an Oct. 19 investigation.
Each payment averaged roughly $0.001, with the funds repeatedly flowing into three collector addresses. The activity accounted for nearly all 7.82 million RLUSD payments recorded during the period, raising questions about how much of the stablecoin's surging transaction count reflects genuine adoption.
The impact extended across the wider XRPL. Between Oct. 8 and Oct. 14, the same wallet cluster generated 1.58 million of the network's 3.47 million account-to-account payments, representing 45.6% of all such activity across cryptocurrencies.
The concentration was particularly striking on Sept. 26, when RLUSD recorded 573,589 payments, but only 388 involved transfers worth at least $1.
The findings complicate efforts to measure RLUSD adoption through transaction counts as Ripple expands its stablecoin infrastructure into traditional finance.
However, Bitquery also identified substantial high-value activity beneath the automated transfers. During the period, approximately 14,600 payments worth at least $1 moved $7.33 billion, with just 10 wallets accounting for $6.05 billion, or 82% of the total.
The automated wallets were funded through addresses labeled as belonging to Binance, while collected funds were routed back through exchange-like deposit accounts. Bitquery could not establish who operated the cluster.