Ripple USD (RLUSD) has experienced a dramatic increase in trading volume, reaching $611 million. It is Ripple's stablecoin with a market cap of $53 million.
Dominance of Bullish Exchange
Bullish, a cryptocurrency exchange funded by PayPal co-founder Peter Thiel, generates over 96% of RLUSD's 24-hour trading volume. The low liquidity in the RLUSD/USD trading pair raises suspicions among market participants, suggesting that major transactions by key players might be behind the sharp volume increase. A validator on the XRP Ledger, known as Vet, corroborates difficulties distinguishing between trading spurred by Ripple's products and independent users.
Additional Minting Activity
Recently, Ripple minted an additional 600,000 RLUSD tokens, fueling speculation about its trading activities. The company plans to release an attestation report in January, detailing the backing assets of the stablecoin.
Future Prospects and Transparency
RLUSD's rapid trading volume rise highlights the complexities of the cryptocurrency market. The upcoming audit report from Ripple may play a crucial role in influencing market perceptions and clearing up doubts regarding the stablecoin.
With RLUSD's sharp trading volume growth, the crypto community is keenly watching Ripple's next moves. The anticipated audit report could clarify the current status and potential of the stablecoin.
