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RLUSD Moves $10 Billion Daily, Says Ripple MD Amid Market Cap Questions
In a recent interview with Finance World Magazine at the Dubai Fintech Summit, Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, made a groundbreaking claim regarding RLUSD, Ripple’s USD-pegged stablecoin. According to Merrick, RLUSD processes an astonishing $10 billion in daily transaction volume.
This statement has sparked a heated debate among crypto analysts and community figures, with some questioning the accuracy of the figure due to RLUSD’s modest market capitalization. CoinMarketCap data indicates that the stablecoin has a market cap of approximately $455 million, significantly lower than Ripple’s stated volume. Furthermore, daily trading volumes have been reported at around $22 million.
The stark contrast between these figures raises questions about the viability of such large transaction volumes given RLUSD’s relatively small market capitalization. Crypto enthusiasts and experts alike are left wondering how this could be possible without a significant liquidity boost.
Ripple has faced criticism in the past for its aggressive marketing tactics, which have sometimes led to skepticism among investors. This latest claim may have sparked further concerns about Ripple’s honesty regarding RLUSD’s performance. However, it is essential to note that Ripple’s CEO claims that the company continues to build a robust and scalable infrastructure.
In light of these claims, stablecoins remain central to the evolving digital payments landscape. Their speed and reduced cost make them increasingly popular for international transactions.
Source: coincentral.com
