Ripple is drawing attention with the rising trading volumes of its stablecoin RLUSD. Recently, trading volume surged by 2,000% to over $611 million, making it the fourth most-traded stablecoin on the market.
Growth in RLUSD Trading Volume
Recently, Ripple minted 1.79 million RLUSD tokens on the Ethereum platform. Within 24 hours, about 6.7 million RLUSD were moved across various platforms. Major exchanges like Bitstamp participated along with Ripple, with the majority of transfers coming from large investors.
Trust and Financial Stability of RLUSD
Ripple is focused on ensuring trust in RLUSD, having issued nearly $80 million in RLUSD backed by approximately $83 million in reserves. The company plans to publish an attestation report to be checked by independent auditors, demonstrating reliable backing for RLUSD.
Challenges and Outlook for RLUSD
Despite the success, there are concerns about liquidity and possible market manipulation, with 96% of trading volume concentrated on the Bullish platform. Some validators believe most trading volume is driven by Ripple's products.
The growth of RLUSD allows Ripple to strengthen its market position in the crypto space. However, investors should consider potential risks and monitor ongoing developments.
