Ripple’s stablecoin RLUSD saw a 2,000% increase in trading volume, reaching $611 million in 24 hours, according to CoinMarketCap.
This makes it the fourth most traded stablecoin, despite its market cap being only $53 million.
Bullish accounts for 96% of the trading volume, having listed six new trading pairs for the coin last week.
Analysts have pointed out that the low liquidity of the RLUSD/USD pair could mean that large trades are driven more by Ripple activities than by regular users.
Ripple minted an additional 600,000 coins on Friday, and a whitepaper is scheduled to be released in January revealing the assets backing the stablecoin.