Ripple-backed Evernorth says RLUSD is the growth engine of XRP Ledger activity, not a replacement for XRP.
Summary
- RLUSD trading has transferred over $2.5 billion in XRP Ledger pairs since its public launch.
- The RLUSD/XRP pair has wiped out nearly $900 million in six months, a new Evernorth report shows today.
- The supply of RLUSD on the XRP Ledger now slightly exceeds that of Ethereum, marking a sharp shift in cross-chain supply.
An Evernorth report dated June 30 stated that RLUSD has become one of the most traded assets on the XRP Ledger. The company said that RLUSD’s share of all on-chain transactions has increased from less than 1% to nearly 12% by 2026.
The report said the RLUSD/XRP pair has cleared nearly $900 million in trading volume over the past six months. It also said that more than $2.5 billion have traded RLUSD pairs on the XRP Ledger since its launch.
Evernorth claims that RLUSD supports XRP
“RLUSD does not replace XRP; it works on it,” wrote Evernorth. The company said that each RLUSD trade, exchange and transfer resides in the XRP Ledger and pays network fees in XRP.
RLUSD now makes about $1 million a month from trading alone, according to the report. Evernorth said this increases trading volume, supports deeper dollar liquidity and burns XRP funds per transaction.
Exchange Ethereum shares to XRP Ledger
Evernorth said the RLUSD in circulation on the XRP Ledger grew from $20 million by the end of 2024 to nearly $800 million by the end of June 2026. It also said that the XRP Ledger held about 51% of all RLUSD in circulation, up from about 17% in April 2026.
The company also shared a report on X, saying that all RLUSD trades and transfers to the XRP Ledger are still XRP transactions. The post included RLUSD independently as a dollar liquidity layer that adds network activity rather than removing XRP’s role.
The Ripple debate continues
As previously reported by crypto.news, RLUSD has become the center of a wide debate about whether Ripple’s institutional win directly benefits XRP. Ripple’s latest payment protocols often use RLUSD as a currency, while XRP appears primarily as a network asset.
In addition, Ripple and Bitso have also brought MXNB based on the Mexican peso to the XRP Ledger. MXNB and RLUSD support the regulated agreement between the US and Mexico.
Previously, crypto.news reported that Binance listed RLUSD after strong growth in 2025, while Ripple plans to expand the stablecoin to several Ethereum layer-2 networks in 2026. That shows RLUSD’s growth isn’t limited to one chain, as Evernorth says the XRP Ledger now holds a small majority of the supply.
Evernorth said its on-chain statistics come from Dune Analytics and include full monthly data through May 2026, with some supply figures taken from a June 25 summary. The company said current trends could change, but included RLUSD as a dollar liquidity layer adding functionality to the XRP Ledger.
