The rapid growth of Ripple USD (RLUSD) on the XRP Ledger (XRPL) is reshaping on-chain activity while reinforcing XRP’s position as the network’s primary settlement asset, according to new analysis released by Evernorth, an XRP treasury company.
Rather than competing with XRP, the report argues that RLUSD’s expanding adoption is generating more transactions, increasing liquidity, and driving additional network activity that continues to rely on XRP for settlement. The findings come as RLUSD trading volume, supply, and payment activity reach new milestones across the XRP Ledger ecosystem.
RLUSD Becomes a Major Part of XRP Ledger Activity
Stablecoins have become one of the fastest-growing sectors of the digital asset industry because they provide blockchain-based access to dollar-denominated assets while reducing price volatility.
RLUSD has emerged as Ripple’s stablecoin offering, and its presence on the XRP Ledger has expanded rapidly since launch.
According to Evernorth’s June 30 analysis, RLUSD represented less than 1% of XRP Ledger trading activity shortly after launch but has grown to approximately 12% of network trading by 2026.
Despite that increase, the report concludes that XRP remains central to transaction settlement across the network.
Every RLUSD transfer, token swap, and decentralized exchange trade executed on XRPL is processed as an XRP transaction, meaning increased stablecoin usage simultaneously increases XRP network utilization.
$900 Million Trading Pair Highlights Liquidity Growth
One of the strongest indicators of RLUSD’s growing role is the performance of its trading markets.
According to Evernorth, the RLUSD/XRP trading pair processed approximately $900 million in trading volume during the past six months, accounting for nearly 90% of all RLUSD trading on the XRP Ledger.
Since RLUSD’s introduction, more than $2.5 billion has been traded across RLUSD pairs.
The report suggests that this expansion has significantly increased dollar-based liquidity throughout the ecosystem while maintaining XRP’s function as the bridge asset connecting transactions.
For blockchain networks, deeper liquidity generally improves trading efficiency by reducing friction between assets and supporting broader market participation.
Monthly Transactions Continue Rising
Network activity has accelerated alongside RLUSD adoption.
Monthly RLUSD-related transactions increased from roughly 54,000 in December 2024 to between 600,000 and 1.1 million transactions per month during 2026.
Interestingly, Evernorth notes that this growth occurred even while overall decentralized exchange activity declined across the network.
That contrast suggests RLUSD is accounting for a larger percentage of XRP Ledger activity rather than simply benefiting from broader market expansion.
The report argues that the stablecoin has become one of the most actively traded issued assets on XRPL without replacing XRP’s underlying settlement function.
RLUSD Supply Expands Across the XRP Ledger
Growth has not been limited to trading volume.
According to the analysis, RLUSD supply on the XRP Ledger increased from approximately $20 million at the end of 2024 to around $800 million by late June 2026.
The XRP Ledger now hosts approximately 51% of the total RLUSD supply, a notable increase from roughly 17% recorded in April.
This shift positions XRPL as the largest blockchain supporting RLUSD circulation.
The figures suggest that network participants are increasingly choosing the XRP Ledger as the primary environment for holding and transferring the stablecoin.
Wallet Adoption Continues to Grow
User participation has also expanded alongside supply growth.
As of June 25, RLUSD was held by 45,527 accounts, while the network recorded 93,898 trust lines.
Trust lines allow XRP Ledger accounts to receive and hold issued assets such as RLUSD.
The difference between existing holders and trust lines indicates that many wallets have already prepared their accounts to support RLUSD, potentially allowing adoption to expand further without additional technical setup.
High-Value Payments Become More Common
Payment activity has increased dramatically as well.
Direct RLUSD payments on XRPL rose from approximately $68 million in December 2024 to around $5.08 billion in May 2026.
According to Evernorth, larger transfers are becoming increasingly common.
Rather than reflecting only retail-sized transactions, the trend suggests growing use of RLUSD for higher-value payments and settlement activity across the network.
This evolution may indicate that the stablecoin is gradually finding broader utility beyond decentralized trading.
Trading Infrastructure Continues to Evolve
The report also highlights changes in how RLUSD transactions are executed.
Initially, most RLUSD activity relied on XRP Ledger’s traditional order books.
During early and mid-2025, trading shifted toward automated market maker (AMM) pools, reflecting broader adoption of decentralized liquidity mechanisms.
By 2026, however, approximately 80% of RLUSD trading had returned to order books, illustrating how market participants continue adapting trading strategies as liquidity conditions evolve.
The transition demonstrates that infrastructure supporting RLUSD remains dynamic as the ecosystem matures.
Market Perspective
The relationship between stablecoins and native blockchain tokens has become an increasingly important topic across the digital asset industry.
Some investors have questioned whether successful stablecoins could eventually reduce demand for the native assets that secure their underlying networks.
Evernorth’s analysis argues that the XRP Ledger currently demonstrates the opposite dynamic.
Because XRP remains responsible for processing and settling RLUSD transactions while also generating transaction fees, higher stablecoin activity contributes to broader network utilization rather than replacing XRP’s technical role.
Whether this relationship continues as adoption expands will remain an important area of observation for both developers and market participants.
Conclusion
RLUSD’s rapid expansion has become one of the most significant developments within the XRP Ledger ecosystem. According to Evernorth, the stablecoin now represents around 12% of network trading, has helped generate approximately $900 million in RLUSD/XRP trading volume over the past six months, and contributed to more than $2.5 billion in cumulative RLUSD pair trading.
At the same time, XRP continues serving as the ledger’s core settlement asset, processing every RLUSD transaction while supporting growing liquidity across the network. As stablecoin adoption continues to evolve, the interaction between RLUSD and XRP will remain a key metric for assessing activity across the XRP Ledger.
