Ripple’s RLUSD stablecoin sees a 2,000% surge in trading volume, raising concerns about liquidity and market manipulation.
Suddenly, the volume of its stablecoin, RLUSD, skyrocketed through the roof 2,000%, which is now over $611 million in trading volume. That catapulted the ranking of this stablecoin into the top 4 most traded stablecoins out there and immediately made it the talk of the town among crypto investors and enthusiasts alike.
It follows Ripple’s minting a record 1.79 million RLUSD tokens on Ethereum, while in the last 24 hours, a total of 6.7 million RLUSD tokens were transferred across different chains combined. Also large exchanges such as Bitstamp has joined in to make transfers in millions with the RLUSD whales as well.
Ripple isn’t just riding the wave of growth but is making sure RLUSD is trustworthy too. The company has issued nearly $80 million in RLUSD, backed by $83 million in reserves, and plans to release a full audit report later this month. This will be reviewed by independent auditors to ensure RLUSD is as secure and backed as claimed.
Ripple’s financial strength, including over $100 billion worth of XRP, gives them a solid base. However, despite the hype, there are concerns. Around 96% of RLUSD’s volume is on the Bullish platform, sparking questions about liquidity and market manipulation.
Ripple plans to address these issues with an upcoming report. If RLUSD keeps growing, it could become a major force in crypto, but investors should stay aware of potential risks.
You might like: BiG Bank in Portugal Suspends Fiat Payments for Crypto Transactions
