RLUSD Growth Drives XRP Activity as $900M Trades Hit XRPL
Evernorth’s June 30 analysis found RLUSD activity on the XRP Ledger increased transaction counts and reinforced XRP’s settlement role; RLUSD/XRP trades totaled about $900 million over six months.
Evernorth published an analysis on June 30 that examined on-chain activity through late June 2026. The report found rapid growth of Ripple USD (RLUSD) on the XRP Ledger increased on-ledger trading activity and strengthened XRP’s function as the ledger’s settlement and fee asset.
The RLUSD/XRP trading pair processed roughly $900 million over the past six months. RLUSD trades accounted for nearly 90% of RLUSD trading volume on the ledger in that period. Since RLUSD’s launch, more than $2.5 billion has traded through RLUSD pairs.
Monthly RLUSD-related transactions rose from about 54,000 in December 2024 to between 600,000 and 1.1 million per month in 2026. Total decentralized exchange activity fell over the same period, but RLUSD captured a larger share of on-ledger trading and expanded dollar-based liquidity.
RLUSD supply on the ledger climbed from about $20 million at the end of 2024 to roughly $800 million by late June 2026. The XRP Ledger became the largest host for RLUSD, holding about 51% of total supply compared with roughly 17% in April 2026. As of June 25, 2026, 45,527 accounts held RLUSD and 93,898 trust lines were established.
Direct RLUSD payments on the ledger increased from about $68 million in December 2024 to approximately $5.08 billion in May 2026. The report noted that larger transactions have become more common.
Trading venues changed over time. Early RLUSD activity relied on XRP order books, shifted toward automated market maker pools in early to mid-2025, and by 2026 returned largely to order books, which handled about 80% of RLUSD trades.
Because the XRP Ledger requires XRP for settlement and transaction fees, every RLUSD transfer, swap and trade executes as an XRP transaction and generates associated fee burns. Evernorth wrote on X: “The worry we keep hearing: as RLUSD grows on XRP, RLUSD starts to eat XRP. We pulled every RLUSD trade on-chain to check. To date, the data shows the opposite.”
The analysis documents increases in transaction volume, token supply and account participation linked to RLUSD adoption on the XRP Ledger.
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