RLUSD Trading Share Hits 12% Drives $2.5 B on XRP Ledger

The rapid growth of the Ripple-backed stablecoin RLUSD is significantly increasing transaction activity on the XRP Ledger rather than diminishing the role of the XRP token, according to a new report from Evernorth. The firm's analysis, released on June 30, details how RLUSD has become a major driver of on-chain volume, with its trading share on the network surging from under 1% to approximately 12% within the first half of 2026.

More than $2.5 billion has been traded through RLUSD pairs on the XRP Ledger since the stablecoin's public launch, the report states. A key component of this activity is the RLUSD/XRP trading pair, which processed roughly $900 million in volume over the past six months. Evernorth emphasizes that this growth creates deeper dollar-denominated liquidity on the network while maintaining XRP's foundational role. The firm stated that RLUSD is not substituting for XRP but is running on it, noting that every RLUSD trade, swap, and transfer settles on the XRP Ledger and pays all network fees in XRP.

This structure directly translates to increased usage of the XRP token. Evernorth estimates that RLUSD trading activity alone now accounts for about one million XRP...