Ripple USD (RLUSD), Ripple's stablecoin, has experienced an astounding 2,000% increase in trading volume, reaching a notable $611 million. This dramatic surge positions RLUSD as the fourth most-traded stablecoin, despite its modest market capitalization of $53 million.
The substantial trading activity has sparked discussions and concerns about possible market manipulation, especially considering that over 96% of the trading volume originates from Bullish. Bullish is a trading platform backed by notable venture capitalist Peter Thiel, which adds another layer of intrigue to the situation. Concerns about low liquidity in the RLUSD market are also on the rise as a result of this concentrated trading activity.
