Ripple’s upcoming RLUSD stablecoin has sparked a flurry of activity in onchain marketplaces, with bids for the token reaching as high as 836 XRP ($2,068) ahead of its Tuesday release. This surge in bidding suggests that enthusiasts are eager to be among the first to hold the much-anticipated stablecoin.

As of Tuesday morning in Asia, bids for RLUSD ranged from 500 XRP ($1,237) to a peak of 836 XRP ($2,068), with XRP trading just under $2.50. These inflated bids are likely driven by collectors or speculators looking to secure early access to the token, despite its price being pegged at $1.

Ripple’s CTO, David Schwartz, commented on the phenomenon, pointing out that some buyers are willing to pay significantly more than the value of a full token for a fraction of an RLUSD. He explained, “There actually is someone willing to pay $1,200 for a tiny fraction of one RLUSD. Maybe someone wants the ‘honor’ of buying the first bit of RLUSD on the DEX.”

Schwartz reassured the market, emphasizing that while there may be initial price fluctuations as liquidity stabilizes, each RLUSD token will always be redeemable for exactly $1. “Rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” he added.

This behavior is not unusual in the crypto space, where high bids for small portions of new tokens or NFTs often occur in the excitement surrounding their release. However, given the stablecoin’s $1 peg, it’s expected that any temporary price deviations will be short-lived.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, with listings set to appear on platforms such as Uphold, MoonPay, Archax, and CoinMENA. The stablecoin’s launch is expected to generate significant attention, as the first trades begin to set the tone for its future in the market.