Key Takeaways:
- RLUSD monthly transactions surged from 54,000 to 1.1 million since December
- Direct payments jumped 75x to $5 billion by May 2026
- RLUSD supply on XRP Ledger grew 40x to $800 million
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RLUSD powered $2.5B in XRP Ledger trades, Evernorth report says
Ripple-backed stablecoin RLUSD processed $2.5 billion in trading volume on the XRP Ledger since its December launch, with monthly transactions climbing from 54,000 to 1.1 million, according to a June 30 report from Evernorth, a Ripple-backed XRP treasury firm.
"Every RLUSD trade is settled on the XRP Ledger and pays network fees in XRP, meaning the stablecoin's growth drives demand for the native token rather than replacing it," Evernorth said in the report.
RLUSD in circulation on the XRP Ledger grew to about $800 million by late June from roughly $20 million at the end of 2024, a 40-fold increase. Direct payments using the stablecoin jumped to more than $5 billion in May from $68 million in December, a 75-fold surge. The RLUSD/XRP trading pair alone processed about $900 million over the past six months, Evernorth data showed.
The findings challenge the notion that Ripple's own stablecoin would cannibalize XRP's role on its native ledger. More than 51 percent of all RLUSD in circulation now exists on the XRP Ledger, up from 17 percent in April, suggesting the stablecoin is deepening the ecosystem's liquidity rather than fragmenting it.
RLUSD's share of all on-chain trading on the XRP Ledger climbed from less than 1 percent at launch to nearly 12 percent, the report showed. The stablecoin was held by 45,527 XRP Ledger accounts as of June 25, with 93,898 trust lines opened to receive and use it. The rapid expansion comes as Ripple pushes RLUSD into new markets — the stablecoin received approval from Japan's Financial Services Agency on June 24 through a partnership with SBI Holdings, and it now trades on Gate, Binance and OKX.
The data suggests RLUSD is becoming the primary dollar trading pair on the XRP Ledger, similar to how the US dollar sits at the center of global foreign exchange markets, with XRP continuing to serve as the settlement layer underneath. Ripple also joined the Open USD consortium on June 30, a stablecoin backed by Mastercard, Visa, Stripe and BlackRock, positioning the XRP Ledger as one of several settlement rails for the new coin.
This article is for informational purposes only and does not constitute investment advice.
[1] Ripple-Backed Evernorth Reveals How RLUSD Powered $2.5B Milestone For XRP[2] XRP Ledger Foundation to Create Open-Source Lending Blueprint With New Partner[3] Ripple Joins Open USD, a Stablecoin Backed by Visa, Mastercard, and BlackRock. What It Signals for XRP[4] Ripple News[5] Does RLUSD Eat XRP – Here’s What Onchain Data Say? - CryptoRank
