Ripple-backed Evernorth says RLUSD has become a growth engine for XRP Ledger activity, not a replacement for XRP.
Summary
- RLUSD trading has routed over $2.5 billion through XRP Ledger pairs since its public launch.
- The RLUSD/XRP pair cleared about $900 million in six months, Evernorth’s new report shows today.
- RLUSD supply on XRP Ledger now slightly exceeds Ethereum, marking a sharp cross-chain supply shift.
Evernorth’s June 30 report said RLUSD has become one of the most-traded issued assets on the XRP Ledger. The firm said RLUSD’s share of all on-chain trading rose from under 1% to about 12% in 2026.
The report said the RLUSD/XRP pair cleared about $900 million in trading volume over the past six months. It also said more than $2.5 billion has traded through RLUSD pairs on XRP Ledger since launch.
Evernorth says RLUSD supports XRP
“RLUSD isn’t substituting for XRP; it’s running on it,” Evernorth wrote. The firm said each RLUSD trade, swap and transfer settles on the XRP Ledger and pays network fees in XRP.
RLUSD now accounts for about 1 million transactions per month from trading activity alone, according to the report. Evernorth said this adds trading volume, supports deeper dollar liquidity and burns XRP fees with each transaction.
Supply shifts from Ethereum to XRP Ledger
Evernorth said RLUSD in circulation on XRP Ledger grew from about $20 million at the end of 2024 to about $800 million by late June 2026. It also said XRP Ledger held about 51% of all RLUSD in circulation, up from about 17% in April 2026.
The firm also shared the report in a thread on X, saying every RLUSD trade and transfer on XRP Ledger is still an XRP transaction. The post framed RLUSD as a dollar liquidity layer that adds network activity rather than removing XRP’s role.
Ripple debate continues
As previously reported by crypto.news, RLUSD has become central to a wider debate over whether Ripple’s institutional wins are helping XRP directly. Ripple’s recent settlement and payment deals often use RLUSD as the cash leg, while XRP mainly appears as the network fee asset.
In addition, Ripple and Bitso also brought the Mexican peso-backed MXNB stablecoin to XRP Ledger. MXNB and RLUSD support regulated settlement between the U.S. and Mexico.
Previously, crypto.news reported that Binance listed RLUSD after strong 2025 growth, while Ripple planned to expand the stablecoin to several Ethereum layer-2 networks in 2026. That shows RLUSD’s growth is not limited to one chain, even as Evernorth says XRP Ledger now holds a slight majority of supply.
Evernorth said its on-chain figures came from Dune Analytics and covered full monthly data through May 2026, with some supply figures taken from a June 25 snapshot. The firm said current trends may change, but it framed RLUSD as a dollar liquidity layer that adds activity to the XRP Ledger.
