Ripple USD (RLUSD), the recently launched stablecoin product of enterprise blockchain company Ripple, has logged a whopping 2,000% increase in trading volume, according to data provided by cryptocurrency ranking website CoinMarketCap. 

The token's total trading volume stands at $611 million, which makes it the fourth most-traded stablecoin product despite the fact that it has a market cap of just $53 million. 

Some social media users have questioned the accuracy of the data since it is unlikely that RLUSD would be able to gain so much traction within a short period of time. 

In fact, Bullish, a cryptocurrency trading platform backed by PayPal co-founder Peter Thiel, accounts for more than 96% of the entire 24-hour trading volume. As reported by U.Today, the exchange listed six pairs with this stablecoin last week. 

Vet, a validator on the XRP Ledger (XRPL), has noted that the volume recorded by the RLUSD/USD pair appears to be excessively high on the Bullish exchange. Moreover, the pair has low liquidity, which means that only a few large players are responsible for such staggering numbers. 

The $400,000,000 trading volume on the RLUSD/USD pair at Bullish is too high imo. Can you shed more light on the stats on your exchange @Bullish ?
The orderbooks are thin too. pic.twitter.com/820I42Ps32

That said, he has also suggested that this staggering trading volume might be driven by Ripple products instead of ordinary users. "It's the fact that it's hard to distinguish between what's driven by Ripple products and normal users," he said. 

As reported by U.Today, Ripple minted another 600,000 tokens on Friday. 

This January, the company is also expected to release an attestation report that will show the breakdown of the assets that are backing the RLUSD stablecoin. 

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。