In just a short period, the trading volume for Ripple USD (RLUSD), a new stablecoin introduced by blockchain company Ripple, has skyrocketed an incredible 2,000%, as reported by data from CoinMarketCap, a popular website that ranks cryptocurrencies.
Even though its market capitalization is only $53 million, this specific token ranks fourth in terms of total trading volume, reaching an impressive $611 million. This implies that it’s one of the busiest stablecoin products on the market.
Some people on social media are doubting the truthfulness of the data due to doubts about how quickly RLUSD could have gained such widespread popularity in a short span of time.
To put it simply, Bullish – a cryptocurrency trading platform backed by PayPal’s co-founder Peter Thiel – dominates the market, handling over 96% of all trades within a 24-hour period. As reported by U.Today, this platform introduced six trading pairs with a stablecoin just last week.
On the XRP Ledger (XRPL), a validator known as Vet has pointed out an unusual trend: the trading volume of the RLUSD/USD pair seems abnormally high on the Bullish exchange. It’s important to note that this pair also exhibits low liquidity, implying that only a small number of major players are driving such massive figures.
As an analyst, I find it noteworthy that the trading volume for the RLUSD/USD pair on Bullish has reached a staggering $400 million. While this figure seems impressively high to me, I would appreciate if you could provide more insights regarding the specifics of these transactions and the overall health of your exchange at Bullish. Additionally, it appears that the order books for this pair are relatively thin, which might suggest reduced liquidity or trading activity; a deeper explanation on this aspect would be highly beneficial.
— Vet (@Vet_X0) January 4, 2025
He’s also proposed that such a high trading volume could potentially originate from Ripple’s products rather than typical users. In other words, it can be challenging to tell the difference between activity sparked by Ripple’s offerings and regular user activity.
As reported by U.Today, Ripple minted another 600,000 tokens on Friday.
In January, it’s anticipated that the company will unveil a detailed report, which clearly outlines the distribution of assets supporting their RLUSD stablecoin.
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2025-01-05 11:21