The Ripple USD or RLUSD stablecoin, developed by the San Francisco-based crypto company of the same name, has recently seen a significant uptick in trading activity.
According to data from CoinMarketCap, the volume of RLUSD increased by 41% in the last 24 hours, surpassing the impressive mark of $80 million. Considering that the stablecoin's market capitalization is just under $300 million, the volume-to-market-cap ratio is around 27%, which is high.
Yuri MolchanSuch a ratio signals increased activity surrounding Ripple USD, and that is definitely what is going on with the asset right now. Looking at what might have happened to RLUSD in the last 24 hours, there are two triggers on the surface.
Alex DovbnyaThe first is that the stablecoin recently achieved a major new listing on one of the largest cryptocurrency exchanges in the U.S., Kraken. Until this listing happened, only Bitstamp was among the world-renowned names in the centralized exchange space that allowed trading of Ripple USD.
Now, Kraken joins the list, and suddenly a big boost in the trading activity of RLUSD happens.
Another event related to Ripple that happened recently was the monthly release of one billion XRP, a procedure that the crypto company performs to stabilize the market for cryptocurrency.
Considering that Ripple USD is now among the cross-border payment provider's tools, perhaps some of the volume came from that event.
Arman ShirinyanAll in all, Ripple USD is a newcomer to the stablecoin segment, and its story is just beginning, which means it will not be the last time it surprises market participants.
Vladislav Sopov
Dan Burgin