Ripple USD (RLUSD), Ripple’s stablecoin, has surged 2,000% in trading volume, reaching $611 million despite a modest $53 million market cap. This rapid growth makes RLUSD the fourth most-traded stablecoin. However, over 96% of the volume originates from Bullish, a platform backed by Peter Thiel, raising concerns about low liquidity and potential manipulation. Validators on the XRP Ledger suggest Ripple products, not retail traders, may drive the volume. Ripple recently minted 600,000 tokens and plans to release an attestation report detailing RLUSD’s asset backing later this month.
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