Evernorth, an XRP treasury company, published an analysis on June 30 showing RLUSD stablecoin growth on the XRP Ledger is driving higher transaction activity while maintaining XRP's core settlement function. RLUSD's share of trading on the network rose from less than 1% to around 12% by 2026, with monthly RLUSD-related transactions increasing from approximately 54,000 in December 2024 to between 600,000 and 1.1 million per month in 2026. The growth reflects expanding dollar-based liquidity on the XRP Ledger, as every RLUSD trade, swap, and transfer relies on XRP for settlement and fee payments.
RLUSD Trading Volume Reaches $900 Million Across Six Months
According to Evernorth's analysis, every RLUSD trade, swap, and transfer on the XRP Ledger is processed as an XRP transaction, meaning RLUSD activity relies on XRP for settlement while adding to overall network usage. RLUSD has become one of the most actively traded issued assets on the ledger, while XRP continues to serve as the primary bridge asset.
Evernorth wrote on X: "The worry we keep hearing: as RLUSD grows on XRP, RLUSD starts to eat XRP. We pulled every RLUSD trade on-chain to check. To date, the data shows the opposite."
Monthly RLUSD-related transactions increased from about 54,000 in December 2024 to between 600,000 and 1.1 million per month in 2026. Although total decentralized exchange activity declined during this period, RLUSD accounted for a larger share of overall trading.
The RLUSD/XRP trading pair processed roughly $900 million over the past six months, making up nearly 90% of RLUSD trading on the network. Since its launch, more than $2.5 billion has been traded through RLUSD pairs, significantly expanding dollar-based liquidity on the XRP Ledger.
RLUSD Supply on XRP Ledger Expands to $800 Million by Late June 2026
RLUSD supply on the XRP Ledger increased from approximately $20 million at the end of 2024 to about $800 million by late June 2026. During this time, XRPL became the largest network hosting RLUSD, accounting for around 51% of total supply, compared to about 17% in April.
Adoption metrics show growing participation. As of June 25, RLUSD was held by 45,527 accounts on the XRP Ledger, with 93,898 trust lines established. This indicates more wallets are prepared to hold RLUSD than currently do.
Evernorth stated: "The data shows that RLUSD has become a significant component of on-chain activity on XRP. On XRP, every RLUSD trade, swap, and transfer is an XRP transaction generating trading volume, deepening liquidity, and burning XRP in fees."
Direct RLUSD Payment Volume Grows to $5.08 Billion in May 2026
Direct RLUSD payments on the XRP Ledger rose from about $68 million in December 2024 to approximately $5.08 billion in May 2026. The report noted that larger transactions are becoming more common, suggesting increased use for high-value transfers rather than smaller payments.
Trading patterns evolved over time. RLUSD activity initially relied on XRP's order books, shifted toward automated market maker pools in early to mid-2025, and later returned to order books by 2026, where they handled about 80% of trades.
FAQ
What did Evernorth's analysis on June 30 show about RLUSD and XRP?
Evernorth's analysis published on June 30 showed RLUSD's share of trading on the XRP Ledger rose from less than 1% to around 12% by 2026, with every RLUSD trade, swap, and transfer processed as an XRP transaction that relies on XRP for settlement.
How much RLUSD supply exists on the XRP Ledger as of late June 2026?
RLUSD supply on the XRP Ledger increased from approximately $20 million at the end of 2024 to about $800 million by late June 2026, with XRPL hosting around 51% of total RLUSD supply.
What was the direct RLUSD payment volume in May 2026?
Direct RLUSD payments on the XRP Ledger rose from about $68 million in December 2024 to approximately $5.08 billion in May 2026, with larger transactions becoming more common.
