Evernorth, a Ripple-backed XRP treasury firm, has published a report on RLUSD stablecoin and XRP. It underscores the growing influence RLUSD has had on activity on the XRP Ledger. It stated that the stablecoin is not a rival to XRP, but is being built to support it.
Evernorth Explains How Ripple’s RLUSD Supports XRP
The report states that RLUSD has become a major player in on-chain trading, liquidity, and transaction volume. Evernorth said that blockchain data does not support concerns of Ripple’s RLUSD replacing XRP, it is running on it.
During 2026, the firm said that the percentage of all trading on the XRP Ledger conducted by RLUSD went from below 1% to about 12% on-chain. The volume of the trading pair RLUSD/XRP during the past six months was about $900 million. It was used for nearly 90% of all trading on the network in this pair.
Since the launch of the stablecoin, over $2.5 billion in total trading volume has passed through RLUSD pairs on XRP, Evernorth announced. The report noted that all XRP transactions at RLUSD are paid at the XRP transaction fee that is also denominated in XRP. With this, it provides “real economic throughput” for the network.
2/5 RLUSD went from under 1% of all trading on XRP to ~12% in under 18 months. When people trade on XRP now, they’re increasingly trading the dollar, and every one of those trades settles on XRP. pic.twitter.com/ycpd1BIlOr
— evernorthxrp (@evernorthxrp) June 30, 2026
Another major finding was that RLUSD was one of the most traded issued assets on XRPL. The volume of trading transactions related to RLUSD grew from approximately 54,000 a month in December 2024 to anywhere between 600,000 and 1.1 million a month. Evernorth added that the sole use of RLUSD is now generating about 1 million transactions per month on the XRP Ledger.
RLUSD Gains Traction On XRPL
In addition to trading volume, RLUSD has also had a massive increase in its circulating supply on XRP Ledger. Evernorth is estimating that RLUSD on XRP Ledger doubled its value from approximately $20 million at the end of 2024 to over $800 million by late in June 2026. The report also claimed that XRP Ledger “about 51%” of RLUSD supply, which is higher Ethereum.
Its network footprint has also spread. There were 45,527 XRP Ledger accounts holding 93,898 trust lines on RLUSD as of June 25. The volume of direct payments rose from about $68 million in December 2024 to over $5 billion in May 2026. It is a sign of growing institutional-scale use throughout the network, the report added.
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