The recently launched stablecoin, Ripple USD (RLUSD), has seen a 2,000% increase in trading volume, reaching $611 million. Despite having a market cap of only $53 million, RLUSD is now the fourth most-traded stablecoin. Some users have questioned the data, as it seems unlikely for the token to gain such significant traction in a short period. Bullish, a cryptocurrency platform backed by Peter Thiel, accounts for over 96% of the 24-hour trading volume. The high volume has raised concerns about the accuracy and liquidity of the RLUSD/USD pair on Bullish. A validator on the XRP Ledger suggests that the high trading volume may be driven by Ripple products rather than ordinary users. Ripple plans to release an attestation report in January to transparently detail the assets backing RLUSD.



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