A new report from Evernorth says the rapid growth of Ripple USD (RLUSD) on the XRP Ledger has strengthened the network instead of competing with XRP.
According to the company, concerns that RLUSD could reduce XRP’s role are not supported by on-chain data. Every RLUSD trade settles on the XRP Ledger, generating XRP transaction fees, increasing liquidity, and adding to network activity.
RLUSD Trading Share Reaches 12%
According to Evernorth, RLUSD’s share of on-chain trading on the XRP Ledger has grown from less than 1% to around 12% in under 18 months.
The report said the RLUSD/XRP trading pair processed about $900 million in trading volume over the past six months. That created a deep dollar-denominated market that did not exist on the network around 18 months ago.
Overall, more than $2.5 billion has been traded through RLUSD pairs on the XRP Ledger since the stablecoin launched.
Although overall DEX trading on the XRP Ledger declined during the same period, Evernorth said RLUSD captured a larger share of activity. The company said this suggests users are increasingly trading with a dollar-based asset while still relying on XRP as the settlement layer.
Every RLUSD Trade Still Uses XRP
Evernorth said RLUSD and XRP serve different roles within the ecosystem.
The report describes RLUSD as the dollar-denominated asset, while XRP remains the neutral bridge asset that most trading routes through.
Because every RLUSD trade settles on-chain, each transaction pays fees in XRP. Evernorth estimates RLUSD trading now generates about one million XRP Ledger transactions every month. Each transaction also contributes to XRP fee burns.
The report argues that a larger RLUSD market leads to more XRP activity, deeper liquidity, and continued XRP fee generation rather than replacing XRP.
Similar to Traditional Foreign Exchange Markets
To explain the relationship, Evernorth compared RLUSD’s role on the XRP Ledger with the U.S. dollar’s position in traditional foreign exchange markets.
The report noted that the U.S. dollar appears on one side of about 88% of global foreign exchange trades, making it the world’s dominant trading currency.
According to Evernorth, RLUSD/XRP is developing a similar structure on the XRP Ledger. RLUSD is becoming the network’s primary dollar trading pair, while XRP continues serving as the settlement asset behind those trades.
Most RLUSD Supply Now Resides on XRP
The report also highlighted RLUSD’s rapid shift toward the XRP Ledger. RLUSD circulating on XRP increased from about $20 million at the end of 2024 to over $800 million by late June 2026. That represents about a 40-fold increase.
Evernorth said the XRP Ledger has now overtaken Ethereum as the leading network for RLUSD. About 51% of all RLUSD in circulation now resides on XRP, up from around 17% in April 2026.
The report added that RLUSD is held by 45,527 XRP Ledger accounts. It also said 93,898 trust lines have been established, indicating growing wallet adoption and readiness for the stablecoin.
Meanwhile, the value of RLUSD settled through direct payments on the XRP Ledger rose from about $68 million in December 2024 to approximately $5.08 billion in May 2026. Evernorth said the increase points to growing institutional and large-value transfers alongside rising trading activity.
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