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XRP 
RLUSD XRP ETF trading volume hit a record high, and the market value of RLUSD stablecoins exceeded US$2 billion.
XRP ETF trading volume reached a record high. At the same time, the market value of Ripple's RLUSD stablecoins exceeded US$2 billion. Fund activity surged, and this dollar-linked token has also ushered in a new milestone.
XRP ETF trading volume hits new high
According to SoSoValue's ETF tracking data, U.S. spot XRP ETF trading volume hit a record high. This record trading volume reflects an abnormally high turnover rate for listed products rather than an indicator of price direction. High ETF trading volume is the clearest indicator of investment attention currently available, indicating that the amount of money flowing through regulated XRP products is larger than on any previous trading day. The indicator measures transaction value rather than net creation, so this record signals a need for risk exposure but does not confirm continued inflows.
The surge in trading volume continues the momentum of continued strengthening activity in XRP-related funds. Recently, the trading price of the token has reached a multi-month high, and related funds have recorded their best week since May.
Ripple's RLUSD exceeded the US$2 billion mark
According to Ripple, the market value of its RLUSD stablecoin has exceeded US$2 billion. This figure marks an important milestone for the company's dollar-linked tokens to reach an integer mark. RLUSD is Ripple's fiat currency backed stablecoin, and details of its reserves can be found on the company transparency page. The market value of stablecoins tracks the total supply in circulation, so breaking this barrier means that the scale of RLUSD support issued has expanded to that level.
This supply milestone is a sign of size for the tokens that Ripple actively manages and includes the periodic destruction of RLUSD to adjust the circulating supply.
Significance of two milestones to the overall narrative of XRP
These two data points measure different aspects: ETF trading volume reflects trading interest in XRP exposure, while RLUSD data reflects the circulation size of Ripple stablecoin. The former reflects the turnover rate of the secondary market, while the latter reflects the issued supply.
Taken together, record fund trading volumes and growing stablecoin base suggest that there are signs of activity on both the trading and product sides of the Ripple ecosystem, rather than a single price catalyst. The key points worth paying attention in the near term are whether ETF trading volume can remain above previous benchmark levels and whether RLUSD supply can continue to expand after breaking this milestone.
