Yellow on the XRPL: A Corporate Token Launched Like a Meme Coin

The issuer minted all 500,000,000 YELLOW to a treasury wallet. The treasury, like the issuer, needs three of the same five signatures to move anything. On the evening of 3 November it sent 384,615 YELLOW to rGn2gS…, and a day later 330,000 more. Both payments were approved by the same three people who approved the mint. rGn2gS was created that evening by r4iFrL…, the wallet that created the issuer and the treasury.

r4iFrL…created every wallet on the first level below; each indented wallet was created by the one above it

Active since December 2024. Horizon’s trading-fee rewards for YELLOW are paid to it as YELLOW’s “Developer Address” (C258F40F…).

• r4ZosX…Issuer of YELLOW (3 of 5 signatures)created 3 Nov · tx
• rEByLL…Treasury: received all 500,000,000 (3 of the same 5)created 3 Nov · tx
• raUQkd…Signer. Owns 84.85% of the poolcreated 31 Oct · tx
  • r3Hmoi…Opened the pool. Blackholed 4 Novcreated 3 Nov · tx
• rwatYx…Signercreated 31 Oct · tx
• rBhvmP…Signercreated 31 Oct · tx
• rpqTag…Sold 19,999 YELLOWcreated 2 Nov · tx
  • r9xAya…Signercreated 3 Nov · tx
• raPYHK…Got 384,615 from the treasurycreated 3 Nov · tx
• rGn2gS…Got 714,615 from the treasury. Sold, never boughtcreated 3 Nov · tx
  • rLW3ex…Got 265,000 from rGn2gS. Soldcreated 4 Nov · tx
  • rEkWpC…Got 192,000 from rGn2gS. Trades round the clockcreated 4 Nov · tx
• rKggas…Paid the compensationcreated 4 Nov · tx

rGn2gS began selling at 20:21. Yellow announced the launch at 23:26. rGn2gS never bought a single token. It handed most of what it had to two wallets it created itself, which kept selling, and one of them runs a program that trades round the clock. A fourth wallet, rpqTag…, got 20,000 YELLOW from raPYHK…, the other wallet the treasury filled that evening, and sold them through Xaman the same night.

Wallet	Got its YELLOW from	YELLOW sold	Bought back	XRP, net	Holds now
rGn2gS…	714,615 from the treasury	224,614	never	+46,006	31,739
rLW3ex…	265,000 from rGn2gS	204,311	25,084	+23,217	85,773
rEkWpC…	192,000 from rGn2gS	131,022	11,938	+14,194	72,917
rpqTag…	20,000 from raPYHKYy	19,999	5,230	+3,578	5,231
Together		579,947	42,252	+86,995	195,659

Together the four sold 579,947 YELLOW and took 86,995 XRP, 70,719 of it in the first 24 hours. The 757 other wallets that traded YELLOW put 81,287 XRP more in than they have taken out, and hold 749,420 YELLOW between them.

Yellow’s founder, Alexis Sirkia, describes the selling in his own words: “we just started actively making markets on the native DEX so XRPL stays synchronized with Ethereum pools like Uniswap” (post). Yellow’s website says he “Co-founded the largest crypto market maker” (yellow.org). Market making means buying and selling to keep a price in line. These wallets mostly sold: 579,947 YELLOW out, 42,252 back. Of the YELLOW they sold, 99.4% went at a price above Ethereum’s, and buyers paid $26,561 more for it than the same tokens cost on Uniswap at that moment.

Yellow’s ledger file describes the token as “issued 1:1 against YELLOW locked on Ethereum” (xrp-ledger.toml). That part is true: the Ethereum contract still holds exactly 500,000,000 YELLOW, and no YELLOW has been minted on the XRP Ledger since.

The contract runs the same code as Yellow’s published treasury contract (Treasury.sol, matched to the lock by Blockscout): a “Secure vault” with a single function that moves tokens out, and only its owner can call it. Nobody can send YELLOW in to receive it on the XRP Ledger, and nobody can send XRPL YELLOW back to get the Ethereum tokens.

That is what makes the price gap matter. On a bridge anyone can use, a price that runs ahead on one chain gets pulled back by traders who buy on the cheaper side and sell on the more expensive one. Here only the key holder can do that, so the gap belongs to whoever holds the key. The amber area in the chart above is that gap; the wallets that sold into it were the team’s.

Did Yellow buy back on Ethereum to balance its selling? None of its six Ethereum treasury contracts, and not the Safe that owns them, sent any YELLOW after the XRPL launch except to fill the lock. On Uniswap, net buying from the mint to 6 November 2026, 10:00 UTC was 25,860 YELLOW, 5% of what the team-linked wallets sold on the XRP Ledger.

Yellow set itself against the meme coin model. Its founder wrote that he would explain “why we chose the institutional Multi-sig way and not the first-ledger way” (post). On a typical First Ledger launch, such as FUZZY, the issuer sends the whole supply into the pool in its one and only payment and its keys are burned (how FUZZY launched). Nobody can mint more, freeze anyone or hold back supply.

Yellow put 0.018% of the supply in the pool and kept the rest in one wallet. Its issuer can still mint and freeze. That is normal for a stablecoin: of the 92 issuers behind the 100 most traded XRPL tokens today, 73 have their keys disabled and 5 use multisig, and four of those five can freeze: RLUSD, USDC, EUROP and YELLOW. The three stablecoins are issued by regulated companies that publish how to redeem them. The fifth, Axelar’s bridge account (rfmS3z…), needs 19 of 28 signers and has switched freezing off for good.

Yellow said

“Most XRPL tokens launch from a single key. That works fine for memecoins: launch, burn the issuer key, move on. But institutions operate differently.” Post

The ledger

The issuer does need 3 of 5 signatures. The same three can mint more YELLOW, freeze any holder, or switch the issuer’s own key back on. A meme coin whose issuer key is burned can do none of these, ever.

Yellow said

“The LP is separate from the issuer, and that is also Multi-sig and then subsequently blackholed.” Post

The ledger

The wallet that opened the pool, r3Hmoi…, never had a multisig; its key was disabled on 4 November (FE0F98EA…) and it owns 14.34% of the pool. 84.85% belongs to raUQkd…, an ordinary one-key wallet that can take it out in one transaction.

Yellow said

“We seeded an initial $10k test pool, but the community arrived far faster than anticipated.” Post

The ledger

It was the only pool. It opened with 8,888 XRP and 88,888 YELLOW, 0.018% of the supply, and a wallet Yellow’s treasury filled was selling into it from 20:21, three hours before the launch was announced.

Yellow said

“I added the $68k personally from my own XRP and own tokens.” Post

The ledger

The 67,976.93 XRP came from raUQkd…. The 436,245.15 YELLOW came from the treasury, which sent that wallet 600,000 YELLOW six minutes before the deposit (B5385EAA…), on its own signature and two others.

Yellow said

“Now we just started actively making markets on the native DEX so XRPL stays synchronized with Ethereum pools like Uniswap.” Post

The ledger

By the time of that post the four selling wallets had already sold a net 384,724 YELLOW for 69,021 XRP. The first sale was at 3 Nov 20:21 (63DD46C5…).

Yellow said

“Some of you found the YELLOW/XRP pool before we announced it and traded while liquidity was still thin.” Post

The ledger

So did rGn2gS…: it sold 35,970 YELLOW for 8,816 XRP before the announcement.

Yellow said

“Founders have not yet sold any token.” Post

The ledger

None of the selling wallets is named as a founder’s. They were created by the wallet that created the issuer, filled by the issuer’s own signers, and one of them paid into Yellow’s compensation wallet (E9D5093C…).

A launch like this reads to traders as a meme coin launch, and they treated it like one. The run-up was a numbered series of riddle posts from Yellow Pro, and the pool opened without notice. Yellow’s own launch post promised the opposite of what happened: “Every action recorded on the ledger. Every record open to anyone who wants to check” (post). Every action was recorded, which is how the selling was spotted the same evening.

Part of the confusion was real. A meme token called YELLOW, with a yellow “y” logo like Yellow’s, launched on First Ledger on 2 November, the day before the real one (the copy). By the morning of 3 November it topped First Ledger’s trending list at $47.99k market cap (post). 951 wallets had traded 85,671 XRP of it before the real YELLOW was even minted; 1,115 have traded 111,021 XRP of it in all, and its price is 96% below its peak.

The first “rug pull” warning was about the copy

@KanaKemo3 Nov 04:27 UTC

Blockchain analytics confirms this project is a rug pull If you hold positions in @Yellow exit while you can this is going to zero. $XRP

1,584 views

@buuvva_3 Nov 11:10 UTC

Tuesday @First_Ledger update and it’s a sea of red … $yellow at 48k and 2k% up but keep the liquidity in mind …

2,911 views

The rug-pull warning above tagged @Yellow, and the chart in it is the First Ledger copy: the real issuer account did not exist until that afternoon. Five tokens besides Yellow’s use the YELLOW code. Yellow’s founder warned on 5 November that “There are fake YELLOW tokens out there” (post). The real one is issued by r4ZosXJjnRikUaRyTTAjTx84Si6NJhaazf, the address in yellow.org’s ledger file.

Token	Issuer	First seen	Holders	What it is
YELLOW	rKnt6ZnC…	2 Nov	143	First Ledger meme token with a yellow “y” logo
YELLOW	r4enePtb…	3 Nov	2	Copy, before the real launch
YELLOW	r9bBdAVe…	3 Nov	12	Copy, before the real launch
YELLOW	rDD2wx25…	3 Nov	2	Copy, before the real launch
YELLOW	r4ZosXJj…	3 Nov	357	Yellow’s token, named in yellow.org’s ledger file
YELLOW	rPA4Y4qM…	4 Nov	15	Copy, points to a lookalike website

The selling was called out before Yellow had said a word. Where a post makes a claim the ledger can test, the answer is under it.

The first callouts, 3 and 4 November

@KanaKemo3 Nov 20:14 UTC

Based off blockchain analytics this is CORRECTLY linked to @Yellow Issuer address - r4ZosXJjnRikUaRyTTAjTx84Si6NJhaazf …

2,055 views

@KanaKemo3 Nov 21:48 UTC

hey @DiegoMYellow @Yellow any reason you’re dumping tokens with wallet? rGn2gSTorBWHzdjS9yHDGA4FHV1NrKVsxx What’s the riddle here? $XRP

5,774 views

@Iknowhim5893 Nov 22:14 UTC

Nothing to see here. @Yellow isn’t selling their token on your heads! They are simply buying $XRP with $Yellow They’ve bought over 8k $XRP in the last hour!! …

The ledger: In the hour before this post, rGn2gS sold 18,323 YELLOW for 4,462 XRP.

16,337 views

@Jim_Knox5894 Nov 00:24 UTC

Did the $YELLOW guys really just place sell orders worth over 12K XRP?

The ledger: At that moment rGn2gS had 8 sell orders open for 92,865 YELLOW, asking 19,322 XRP in all.

10,296 views

@CupidMonday4 Nov 00:29 UTC

Hello @JoelKatz @evernorthxrp One of your partners @Yellow has launched a token on the XRPL … They’re sending massive amounts of supply to wallets that appear to be dumping on holders Is this the kind of activity Evernorth intends to support on XRPL?

40,283 views

@sent_HQ4 Nov 00:50 UTC

Insane this is only one wallet Welcome to your first true IPO on the XRPL. …

8,732 views

The price gap

@CupidMonday4 Nov 10:27 UTC

Yellow on ETH 0.154$/token Yellow on XRPL 0.22$/token meaning, YELLOW is around 40% more expensive on XRPL …

The ledger: At that moment: $0.2182 in the XRPL pool, $0.1545 on Uniswap, 41% apart.

4,928 views

@CupidMonday4 Nov 14:42 UTC

Btw, the YELLOW team is dumping on ETH too. … There’s still a 30% price gap between the two tokens, with no bridge connecting them (where’s the arb)

The ledger: No Yellow treasury contract or Safe sent any YELLOW on Ethereum after the XRPL launch, except into the lock. The gap was 20% at that moment.

2,989 views

Partners and defenders

@Bird_XRPL4 Nov 00:36 UTC

… I’m aware of the concerns circulating on the timeline regarding the recent launch and on-chain wallet activity. … Everything is on-chain, so the facts should be verifiable. I believe in giving people a fair opportunity to explain before jumping to conclusions. …

7,739 views

@DK64Trades4 Nov 05:03 UTC

… This is the most organic true volume any coin has got in a long time with the current liquidity of ~ $30k / 100M valuation if they play their hands right this goes straight to 1 Billion + easily …

5,941 views

@JcRivera5 Nov 20:03 UTC

… These guys are coming with good intentions and ready to build on the xrpl. Give them a chance and let them bring new things. … They airdropped yellow to the ones that had open positions. None of you would do that and you know it. …

10,011 views

@buuvva_4 Nov 08:12 UTC

I mean you can’t say that the @Yellow roll out was professional in any shape or form. There are still a lot of open questions and if the team can answer them properly and act accordingly the next couple days gonna show. …

3,210 views

Afterwards

@CupidMonday5 Nov 22:19 UTC

I don’t know nothing, but the yellow event was an IQ test. Basically everyone that called them scammers, I consider them very smart. …

848 views

@NFTCookieC6 Nov 08:39 UTC

… I am most interested in the apparent non use of their own platform, their “bridge” and rationale for the selling wallet/single signed liquidity wallet, and where that liquidity originated from - they clearly have capital.

23 views

The longest public account is Dpac Jones’s “YELLOW ON THE XRPL: WHAT THE LEDGER SAYS HAPPENED” (article). Its figures hold up against the ledger almost everywhere. It leaves out the second wallet the treasury filled that evening, raPYHK…, and the wallet it passed tokens to, which sold; and the Safe behind the third-largest Ethereum holder, which the article could not tie to Yellow, was filled by a Yellow treasury in March.

• The backing is real: the Ethereum contract holds exactly 500,000,000 YELLOW, and nothing has been minted on the XRP Ledger since the first 500,000,000.
• No holder has been frozen: 0 of the 501 YELLOW trust lines.
• The liquidity it promised arrived: 67,977 XRP on 4 November (1BEC2131…), and the pool now holds 73,490 XRP.
• The compensation followed one rule. Buyers who never sold were topped up in YELLOW to an average cost of about 0.1067 XRP a token; 218 wallets were paid. It was paid in YELLOW, not XRP, and the 125 wallets that had bought higher and sold at a loss before the payout got nothing (6,732 XRP lost).
• The account that opened the pool has its keys disabled, so its 14.34% of the pool can never be withdrawn.
• Its founder answered in public: “In hindsight, we should have engaged the community before deploying the test pool” (post), and “give us some time to prove you we are here to build and bring value” (post).

YELLOW is not a rug pull in the sense the word has for meme coins. The tokens are backed, the issuer has not printed more or frozen anyone, the team added liquidity and paid buyers back. A company with investors and a product on other chains has no reason to run off with a pool.

But Yellow asked to be judged as the institutional alternative to meme coins, and on the points that cost buyers money it did worse than a typical one. A meme coin launch puts the supply in the pool and burns the keys. Yellow opened a pool with 0.018% of the supply and let a wallet its own treasury filled sell into it before telling anyone the token existed. Its bridge has one door, and Yellow holds the key, so every time the XRPL price ran above Ethereum’s only Yellow’s wallets could sell into the gap. Calling that market making does not change who paid for it: XRPL buyers paid $26,561 above the Ethereum price for the tokens those wallets sold, and the 757 other wallets that traded have put 81,287 XRP more in than they have taken out.

An anonymous launcher who did this would have been called out the same evening. Yellow was, by people who read the ledger. A company token should be easier to trust than a meme coin, not harder. Four things would make it so: name the market-making wallets before they trade; open the pool with real liquidity before announcing it; let anyone redeem across the bridge; and keep the pool shares under the same multisig as the issuer. Until then the XRPL price of YELLOW is set by the small slice Yellow lets out, and the gap with Ethereum belongs to whoever holds the bridge key.

• Who holds the keys to the selling wallets. The ledger shows who created and filled them, not who controls them.
• Whether Yellow traded YELLOW anywhere off the two chains, on an exchange whose trades are not public.
• What Yellow promised the XRPL communities that announced partnerships with it.

Is YELLOW on the XRP Ledger a meme coin?

No. It is the XRP Ledger version of Yellow Network's token, issued by r4ZosXJjnRikUaRyTTAjTx84Si6NJhaazf and backed by 500,000,000 YELLOW locked on Ethereum. Its launch ran the way meme coin launches do, and a meme coin called YELLOW with a similar logo launched on First Ledger the day before.

Which YELLOW is the real one?

The one issued by r4ZosXJjnRikUaRyTTAjTx84Si6NJhaazf, the address in yellow.org's XRP Ledger file. Five other tokens on the ledger use the same name.

Can I move YELLOW from the XRP Ledger to Ethereum?

No. The Ethereum contract that holds the other side has no deposit or redeem function. Only its owner, a Yellow wallet that needs 3 of 4 signatures, can move tokens out of it.

Did wallets linked to Yellow sell YELLOW on the XRP Ledger?

Yes. Four wallets set up from Yellow's own sold 579,947 YELLOW and took 86,995 XRP net between 3 and 6 November 2026. Yellow's founder calls the team's trading market making, and says the founders have not sold.

• XRP Ledger: every transaction that changed a YELLOW balance from the issuer’s creation to ledger 108,150,635 (6 November 2026, 10:00 UTC), and each wallet’s own XRP and YELLOW change in it. A sale is a transaction in which a wallet’s YELLOW went down and its XRP went up. Fees paid to trading apps are not subtracted.
• Team-linked wallets are the five in the tree whose YELLOW came from the treasury or from each other and who did not add it to the pool: rGn2gS, the two wallets it created, raPYHKYy and rpqTagpr. Holdings and pool shares are read from the ledger at 108,150,635.
• Dollar prices: XRP’s price from the XRPL’s XRP/RLUSD pool, every 15 minutes; the Ethereum price from each swap in the Uniswap YELLOW/USDT pool. A sale counts as above the Ethereum price when the dollars received per YELLOW were higher than the last Uniswap swap before it.
• Ethereum: the YELLOW token’s transfer records, the contracts’ balances and owners, and the lock contract’s code, read on 2026-11-06. The 100 most traded XRPL tokens are by 24-hour volume on 2026-11-06.