Ripple USD (RLUSD) Surges 2,000% in Key Metric

Ripple USD (RLUSD), the recently launched stablecoin product of enterprise blockchain company Ripple, has logged a whopping 2,000% increase in trading volume, according to data provided by cryptocurrency ranking website CoinMarketCap.

The token's total trading volume stands at $611 million, which makes it the fourth most-traded stablecoin product despite the fact that it has a market cap of just $53 million.

Some social media users have questioned the accuracy of the data since it is unlikely that RLUSD would be able to gain so much traction within a short period of time.

In fact, Bullish, a cryptocurrency trading platform backed by PayPal co-founder Peter Thiel, accounts for more than 96% of the entire 24-hour trading volume. As reported by U.Today, the exchange listed six pairs with this stablecoin last week.

Vet, a validator on XRP Ledger (XRPL), has noted that the volume recorded by the RLUSD/USD pair appears to be excessively high on the Bullish exchange. Moreover, the pair has low liquidity, which means that only a few large players are responsible for such staggering numbers.

That said, he has also suggested that this staggering trading volume might be driven by Ripple products instead of ordinary users. "It's the fact that it's hard to distinguish between what's driven by Ripple products and normal users," he said.

As reported by U.Today, Ripple minted another 600,000 tokens on Friday.

This January, the company is also expected to release an attestation report that will show the breakdown of the assets that are backing the RLUSD stablecoin.