Ripple's RLUSD Volume Collapses 40% Despite Latest Historic Move - U.Today

The Ripple USD (RLUSD) stablecoin has recorded a drop of over 40% in volume within the last 24 hours. According to data from CoinMarketCap, RLUSD’s volume decreased by 40.7%, reaching $107.85 million. This comes as a shock to many in the community, considering its latest historic move.

Is RLUSD volume dip linked to Bullish?

Notably, on Aug. 19, Bullish, the digital asset platform, announced it would receive proceeds from its Initial Public Offering (IPO) in RLUSD. That is, $1.15 billion in stablecoins. The move by Bullish was historic as it marked the first public listing using a stablecoin for settlement.

Many in the crypto space considered it a big win for Ripple's USD stablecoin and anticipated demand for RLUSD to soar. However, the significant drop in volume has sparked concerns in some quarters about possible reasons for the huge volume collapse.

Bullish’s IPO likely drove a surge in RLUSD trading volume due to the speculative interest of market participants. The IPO settlement might have increased trading activity for RLUSD on Bullish’s platform. However, with the settlement concluded, Ripple USD stablecoin is possibly witnessing a correction.

It is worth mentioning that Bullish accounts for more than 76% of RLUSD’s trading volume. So, with the IPO settlement closed, RLUSD trading volume has returned to normal.

RLUSD climbs in crypto market cap ranking

Amid the historic move, Ripple USD stablecoin soared in market capitalization. It was able to displace Zcash (ZEC) to secure 104th place in the ranking as its market cap climbed to $602.6 million

As of press time, despite the significant drop in volume, RLUSD now occupies 102nd place with a market cap of $666.56 million.

This suggests that Ripple’s stablecoin continues to gain traction in the market as adoption increases.

The coming days might fuel further growth, particularly with the newly passed GENIUS Act. Interestingly, John Deaton has listed RLUSD among assets to massively benefit from the legislation.