Open interest in %Cryptocurrency XRP (CRYPTO: $XRP ) has surpassed $1 billion U.S. as Ripple Labs tests a new %Stablecoin (RLUSD). Open Interest refers to the number of outstanding derivative contracts not settled for an asset such as XRP.

XRP open interest hit a peak of $1 billion on Sunday and decreased since then, down to $846 million on Wednesday. Ripple Labs tests its stablecoin RLUSD, minting large volumes of the asset and fueling interest among market participants. XRP steadies around support at $0.6000 and trades positive on the day.

Open interest in XRP has surged past $1 billion amid growing enthusiasm for Ripple's forthcoming RLUSD stablecoin, currently in private beta

Bitwise submitted an S-1 form to the U.S. Securities and Exchange Commission, a requirement for companies seeking to issue a new security and be listed on a public stock exchange.

Bitwise submitted an S-1 registration Wednesday to the U.S. Securities and Exchange Commission, taking the first step toward rolling out an exchange-traded fund tied to XRP ( XRP-USD ), the cryptocurrency associated with Ripple.