Key facts
- Evernorth reported that its RLUSD stablecoin has driven over $2.5 billion in total trading volume on XRP Ledger pairs.
- RLUSD's share of on-chain trading on the XRP Ledger increased to approximately 12% in 2026.
- The RLUSD/XRP trading pair alone accounted for $900 million in volume over the past six months.
- Monthly trading transactions involving RLUSD grew from 54,000 in December 2024 to over 1 million by mid-2026.
- RLUSD's circulating supply on the XRP Ledger expanded from $20 million to over $800 million by June 2026.
Evernorth, a firm backed by Ripple, has released a report detailing the significant impact of its RLUSD stablecoin on the XRP Ledger's activity. The report aims to dispel concerns that RLUSD might replace XRP, emphasizing instead that it operates on and supports the XRP Ledger.
According to Evernorth's findings, RLUSD has become a substantial contributor to on-chain trading, liquidity, and transaction volume within the XRP ecosystem. The stablecoin's share of all trading on the XRP Ledger reportedly grew from less than 1% to approximately 12% during 2026. Over the past six months, the RLUSD/XRP trading pair alone generated about $900 million in volume, representing nearly 90% of all trades within that specific pair on the network.
Since its inception, RLUSD has facilitated over $2.5 billion in total trading volume across its various pairs on the XRP Ledger. The report highlighted that all transactions involving RLUSD are settled using XRP, with fees also denominated in XRP, thereby providing 'real economic throughput' for the network. RLUSD has emerged as one of the most actively traded assets issued on the XRP Ledger, with monthly trading transactions increasing from around 54,000 in December 2024 to between 600,000 and 1.1 million by mid-2026, contributing roughly 1 million transactions monthly.
Beyond trading volume, RLUSD has experienced substantial growth in its circulating supply on the XRP Ledger. Evernorth estimates that its value doubled from approximately $20 million at the end of 2024 to over $800 million by late June 2026. The report also noted that the XRP Ledger hosts about 51% of RLUSD's total supply, a figure higher than its presence on Ethereum. The network footprint of RLUSD has also expanded, with 45,527 XRP Ledger accounts holding 93,898 trust lines for RLUSD as of June 25. Direct payments using RLUSD surged from about $68 million in December 2024 to over $5 billion in May 2026, indicating growing institutional-scale utilization across the network.