RLUSD on XRP Surges Past Ethereum

Key Takeaways:

• Currently, approximately 12% of all trading on the XRP Ledger occurs on RLUSD.
• In the last six months, the RLUSD/ XRP exchange rate has undergone approximately $900 million in trading volume.
• More than 51% of RLUSD’s circulating supply now resides on XRP, surpassing Ethereum for the first time.

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    Follow us on Google NewsIn a report, the ripple-backed treasury firm Evernorth argues that RLUSD is increasing in adoption and is having a positive effect on XRP, not negative. The on-chain analysis supports the growth of RLUSD, which has created more liquidity, more transactions, and greater usage of the XRP Ledger.

Table of Contents

• RLUSD Becomes One of XRP Ledger’s Largest Trading Assets
• Stablecoin Growth Drives XRP Network Activity
  • Every RLUSD Transaction Still Uses XRP
  • RLUSD Supply on XRP Overtakes Ethereum

RLUSD Becomes One of XRP Ledger’s Largest Trading Assets

RLUSD has quickly become one of the most actively traded issued assets on the XRP Ledger, according to Evernorth’s latest report.

Shortly after its launch, the stablecoin’s stake in the total volume of on-chain trading increased from less than 1% to around 12% in 2026. In the same timeframe, the volume of the RLUSD/XRP pair has reached around $900 million, accounting for almost 90% of the trading volume of all RLUSD-related pairs on the network.

Since its launch, more than $2.5 billion in cumulative trading volume has flowed through RLUSD trading pairs on the XRP Ledger, creating a dollar-denominated liquidity venue that barely existed less than two years ago.

Instead of rivaling XRP, Evernorth says RLUSD relies on XRP’s infrastructure as all of the swaps, trades, and settlements are conducted directly on the XRP Ledger.

Read More: RLUSD Becomes Japan’s First Foreign-Issued Stablecoin

## Stablecoin Growth Drives XRP Network Activity

Evernorth dismissed concerns that RLUSD could eventually take over the place of XRP in the ecosystem.

Rather, the report notes that the role of RLUSD is different from that of XRP. It is important to note that the stable coin USD in the RWUSD is a stable asset and XRP is the neutral asset that provides liquidity between different trading pairs.

Every RLUSD Transaction Still Uses XRP

All trades end up on the XRP Ledger, so every trade will use XRP network fees.

According to the report, the number of transactions on the XRP Ledger connected to RLUSD now estimates to be approximately one million monthly. Transaction fees are kept intentionally low, but for every payment it consumes a small amount of XRP, resulting in real-world economic activity that can be measured throughout the network.

Evernorth also observed changes in market structure. At first, the automated market makers (AMMs) played a major role in the trading activities of RLUSD, but over time, they have come back to the order book model. In 2026, trading activity returned to the order book by about 80%, which is often associated with a tighter spread and better professional trading activity.

Read More: Ripple’s RLUSD Goes Multichain on 40+ Networks, Expanding Access to USD Liquidity

RLUSD Supply on XRP Overtakes Ethereum

The report also mentions notable growth on XRP’s issuance.

At the end of 2024, the market capitalization of RLUSD trading on the XRP Ledger was about $20 million, but grew to roughly $800 million by the end of June 2026. In the same time, Ethereum’s share went down and XRP became the biggest network hosting the stablecoin.

As of June 25, around 51% of all RLUSD in circulation was issued on XRP, compared with about 17% only two months earlier in April.