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