The gears are turning again in the Ripple ecosystem as RLUSD, the stablecoin issued by the San Francisco-based payments giant, just logged a 95.14% spike in daily trading volume. That jump sent activity up to $45.1 million in 24 hours, according to CoinMarketCap.

Now, RLUSD is not your typical headline-grabbing altcoin. It is a stablecoin, plain and simple. But when the trading volume jumps by almost 100% overnight without the market cap following, which stays put at around $294 million, it is a bit of a head-scratcher. The ratio is about 15.3% too, which is also a lot for a stablecoin.

This is not the first time RLUSD has gone up the curve. Back on April 9, volume suddenly surged to $101 million. A few days before that? A modest $13 million. Then another climb, another drop — and now we are back up again. 

It is worth noting that RLUSD is already in the top 10 USD-pegged stablecoins by trading volume, and in the top 10 stablecoins overall. That is quite an accomplishment considering that Ripple launched RLUSD less than six months ago. For example, PYUSD, which has been in the market much longer than Ripple USD, can only boast $44 million in 24-hour trading volume, and it is PayPal's stablecoin.

When it comes to Ripple, nothing moves in isolation. The company continues its scheduled monthly XRP unlocks, regularly injecting liquidity through ODL and RippleNet services. That attention often bleeds into associated products — including RLUSD — even if the connection is not immediately visible. It is correlation over causation but still hard to ignore.

Maybe that is the point. In a market that often chases noise, RLUSD’s recent surge is a reminder that not all movement comes from speculation. Sometimes, it is just a stablecoin doing its job — only faster, and louder, than before.