Ripple tests stablecoin RLUSD, XRP open interest soars
XRP open interest peaked at $1 billion on Sunday and dropped to $846 million on Wednesday.
RLUSD is minted in significant quantities by Ripple Labs to test their stablecoin and generate market interest.
A day of favorable trading for XRP around $0.6000.
XRP is attracting futures traders as the payment remittance business tests its stablecoin Ripple USD. Ripple said the asset is pending regulatory clearance and targets institutions. However, derivatives exchange open interest rises as RLUSD minting increases.
It may benefit XRP holders since increasing utilization of Ripple's payment infrastructure and services might improve altcoin usage and acceptance.
XRP open interest rises after Ripple stablecoin testing.
Ripple launched RLUSD in considerable quantities in recent weeks to test stablecoins. Payment remittance provider made news by minting 99% of the stablecoin's supply (800,000) in 24 hours between September 28 and 29.
Coinalyze reported that XRP open interest reached $1 billion on Sunday. It corrected to $846 million Wednesday.
The payment remittance provider is working with authorities to secure licenses to promote financial services infrastructure adoption while Ripple stablecoin testing are continuing. Ripple said Tuesday that has secured a Dubai Financial Services Authority authorization.
Ripple may now license its services to UAE institutions, which may boost XRP Ledger and token utility.
XRP remains at psychological $0.6000 on Wednesday.
