Big Players dominate Ripple’s stablecoin (RLUSD) Market
Ripple’s stablecoin (RLUSD), saw an impressive spike in trading volume. The token’s total trading volume reached over $600 million despite having a market capitalization of only $53 million, placing it as the fourth most-traded stablecoin.
The trading volume on the RLUSD/USD pair at Bullish looks disproportionately high, according to a validator on XRP Ledger (XRPL); the pair has low liquidity, meaning that only a few players are accountable for such startling figures.
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Most of these tokens, specifically 70.97 percent, or roughly 40,880,019 tokens, are managed by the Ripple Deployer address. Bullish holds about 3 million RLUSD, or 5.2 percent of the entire supply, and is held by Bullish’s address. Notably, with six trading pairs with RLUSD listed just last week, the Bullish trading platform—represents over 96% of the stablecoin’s trading volume.
Uphold, a global multi-asset digital trading platform controls the fifth-largest RLUSD reserve. Bitso, a cryptocurrency exchange based in Mexico, has the seventh-largest RLUSD wallet.
Ripple wants RLUSD to reach a $2 trillion market valuation before the end of this decade. This forecast illustrates the company’s aim to build a long-term presence in a market where rivals like Tether and Circle continue to pose a serious threat.
Monica Long, the president of Ripple, claims that RLUSD is meant to supplement XRP rather than take its place. According to her statement from last June, “The RLUSD stablecoin is designed as a complementary element to the XRP ecosystem,” positioning the two assets as strategic pillars within Ripple’s offering
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