Ripple now holds less than 50% of the XRP supply for the first time in its 10-year history.
In a tweet today, Ripple shared its quarterly XRP market report for Q3 2022, revealing that for the first time, the company held less than 50% of the supply, further countering centralization concerns.
“Across Ripple’s various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply.”
In the latest XRP Markets report, we discuss Ripple’s XRP holdings (now <50% of total supply), the state of global crypto regulation 🌎, macroeconomic moves and On-Demand Liquidity continued domination. 👇 https://t.co/sKSN5g9I5C
— Ripple (@Ripple) October 27, 2022
The company clarified that the XRP Ledger consensus mechanism ensures that irrespective of the amount of XRP held, each validator node only had one vote. It is worth noting that Ripple runs only 4 out of the over 130 XRP validators.
Commenting on the development, Ripple chief Brad Garlinghouse described the feat as a significant milestone in its ten-year history. Moreover, according to Garlinghouse, it is a testament to the growing utility of the XRP token.
“Below 50% – a huge milestone!” Garlinghouse wrote. “For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here.”