Ripple's RLUSD stablecoin experienced a significant increase in activity over the past 24 hours, with over 15 million RLUSD moved across various transactions. This surge coincides with recent market volatility, as investors seek safe havens for their assets.
According to the Ripple Stablecoin Tracker, a community account monitoring RLUSD transactions, the majority of activity involved transfers between unknown wallets. Notable transactions included multiple transfers of 1 million, 800,000, and 500,000 RLUSD.
This increased activity follows the recent listing of RLUSD on the Ethereum network by Bitstamp, further expanding its accessibility.
Trading Volume Explodes
RLUSD's trading volume has surged by 123% in the past 24 hours, surpassing DAI to become a prominent player in the stablecoin market. This surge aligns with a broader trend of increased stablecoin trading volume, which has risen by 80% to over $156 billion in the last 24 hours.
Market Context
This heightened activity comes amidst a recent cryptocurrency market sell-off, leading to significant liquidations. As investors sought to protect their portfolios from further losses, there was a noticeable flight to stablecoins, including RLUSD.
January 2025, Cryptoniteuae