Ripple‘s USD-pegged stablecoin, RLUSD, has experienced a remarkable 2000% increase in trading volume shortly after its launch, reaching $612.85 million, according to CoinMarketCap.
This surge has positioned RLUSD as the fourth most-traded stablecoin, with a market cap of $53.1 million. However, skepticism surrounds the authenticity of these figures, given the brief time since its introduction.
A significant portion of the trading volume—over 96%—is attributed to the cryptocurrency exchange Bullish, which recently listed six trading pairs involving RLUSD.
Concerns have been raised by XRP Ledger validator Vet regarding the high trading volume on the RLUSD/USD pair, suggesting that it may be driven by a few large players rather than widespread market activity.
This raises questions about the true nature of the trading dynamics, as it is challenging to differentiate between transactions influenced by Ripple’s products and those from regular users.
In the lead-up to RLUSD’s launch, Ripple’s Chief Technology Officer, David Schwartz, cautioned investors about potential price volatility. He noted that supply shortages could cause temporary price spikes above the $1 peg, with early bids valuing RLUSD as high as $1,244—an astonishing 1,200% premium.
Schwartz attributed this enthusiasm to buyers seeking the prestige of being among the first to acquire RLUSD, but he warned that such inflated valuations are likely unsustainable. As the market continues to evolve, the accuracy of RLUSD’s trading volume remains to be seen.
