Ripple-backed research firm Evernorth says RLUSD is helping drive activity on the XRP Ledger and should be viewed as a complement to XRP rather than a replacement for it.
In a report released on June 30, Evernorth said RLUSD has become one of the most actively traded assets on the XRP Ledger. The stablecoin’s share of on-chain trading increased from less than 1% to around 12% during 2026, highlighting its growing role within the network.
According to the report, the RLUSD/XRP trading pair generated roughly $900 million in trading volume over the past six months. Since its public launch, more than $2.5 billion has been traded through RLUSD pairs on the XRP Ledger.
Evernorth argued that RLUSD’s growth directly benefits XRP and the broader network. The firm noted that every RLUSD transaction, transfer, and trade is processed on the XRP Ledger and requires XRP to pay network fees.
“RLUSD isn’t replacing XRP; it operates on top of it,” the report stated. Evernorth added that RLUSD trading alone now generates around one million transactions per month, contributing to network activity, improving liquidity, and increasing XRP fee usage.
The report also highlighted a major shift in RLUSD supply. At the end of 2024, about $20 million worth of RLUSD was circulating on the XRP Ledger. By late June 2026, that figure had grown to approximately $800 million.
Evernorth said the XRP Ledger now holds around 51% of all RLUSD in circulation, compared with just 17% in April 2026. This means the XRP Ledger now hosts a slightly larger share of RLUSD supply than Ethereum, marking a significant change in the stablecoin’s distribution across blockchains.
The findings come amid an ongoing debate within the crypto industry about whether Ripple’s growing institutional partnerships are creating direct value for XRP. While many of Ripple’s recent payment and settlement solutions use RLUSD as the primary settlement asset, XRP continues to play a key role as the network’s native token and fee mechanism.
RLUSD has also expanded beyond the XRP Ledger. Ripple recently supported the launch of the Mexican peso-backed stablecoin MXNB on the network, while RLUSD has continued to gain adoption across multiple platforms and blockchain ecosystems.
Despite its growth on other networks, Evernorth said current data shows the XRP Ledger has become the dominant home for RLUSD. The firm concluded that RLUSD is serving as a dollar liquidity layer that increases activity, trading volume, and utility across the XRP Ledger ecosystem rather than reducing XRP’s importance.
