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ZachXBT Criticizes Blockchain Adoption Signs

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ZachXBT Criticizes Blockchain Adoption Signs

ZachXBT, a Paradigm advisor, showed that major stablecoin distribution levels by Circle, Tether and Paxos can help validate blockchain network authenticity.

He made those comments after US President Donald Trump revealed on March 2 which digital currencies the United States would add to its security crypto fund. Trump chose Bitcoin and four other cryptocurrencies – Ether, XRP, Solana and Cardano – for the US strategic crypto reserves.

ZachXBT stated on March 3 that blockchain networks require stablecoins from Circle, Tether and Paxos to show their legitimacy. He discovered that Cardano and the XRP Ledger operate without major stablecoins present.

ZachXBT Flags Crypto Transfers

He explained that stablecoin providers would bring their assets to a blockchain when they recognize its value potential.Through his official Telegram group ZachXBT confirmed that dormant accounts of former Ripple CEO Chris Larsen continue to store more than 2.7 billion XRP. With an XRP price at $2.64 and a total holding of 2.7 billion XRP the market value reaches approximately $7.12 billion.

According to him the addresses have shipped $109 million worth of XRP to exchanges showing their potential continuing ability to sell this massive pile over extended periods. Despite this evidence some wallet addresses belonging to Larsen have remained inactive for so many years prompting speculation that he either lost control over his funds or transferred them before 2013.

On January 31st, 2024 ZachXBT noticed that Larsen experienced a 213 million XRP hack resulting in a loss of $112.5 million during that time.Although major centralized stablecoin providers avoid using the XRPL and Cardano blockchains they provide stablecoin options within their independent networks.

After the NY Department of Financial Services approved the RLUSD stablecoin on Dec. 10 Ripple brought it to exchanges Uphold, MoonPay, Archax and CoinMENA starting Dec. 17, 2024. Ripple president Monica Long announced plans to put RLUSD on large market venues beginning January 7.

ZachXBT Examines Crypto Holdings

Cardano supports stablecoin development alongside other traditional functions. Cardano made its debut in 2022 with Djed (DJED) , a stablecoin secured by ADA tokens supported by the Shen (SHEN) token as its reserve investment. CoinGecko shows that the token holds a $4 million market value.

In 2024 Cardano added USDM to its network by making this stablecoin available to users. The Cardano community celebrated the launch of USDM on March 18 as an important event for their network.

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