Evernorth, the well-known XRP treasury company, has released a new report examining the relationship between the RLUSD stablecoin and the XRP network.
The findings push back against a common concern in the community that RLUSD’s growth could come at XRP’s expense. Instead, the firm argues the stablecoin’s expansion has directly reinforced XRP’s role as the underlying settlement asset.
1/5 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. 🧵
This content is for informational purposes only and does not constitute investment advice. This content may… pic.twitter.com/zq1e0ehZou
— evernorthxrp (@evernorthxrp) June 30, 2026
A Rapidly Growing Share of On-Chain Trading
RLUSD accounted for less than 1% of trading activity on the XRP Ledger at the start of 2026. Evernorth showed that this figure has climbed to roughly 12%. It also noted that the RLUSD/XRP trading pair alone generated approximately $900 million in volume over six months. This represents 88% of all activity within that specific pairing.
Evernorth also disclosed that cumulative trading volume across all RLUSD pairs on the XRP Ledger has surpassed $2.5 billion since the stablecoin’s launch. Every transaction involving RLUSD still settles in XRP and pays network fees denominated in XRP.
This design increases demand for XRP as RLUSD grows. Evernorth described this activity as genuine economic throughput for the ledger rather than a substitute for it.
Transaction Counts And Supply Have Multiplied
The report also highlighted a sharp rise in transaction frequency. Monthly transactions tied to RLUSD rose from around 54,000 in December 2024 to a range between 600,000 and 1.1 million more recently, with the stablecoin now driving close to one million transactions per month on its own.
Alongside this, RLUSD’s circulating supply on the XRP Ledger expanded dramatically, moving from roughly $20 million at the close of 2024 to more than $800 million by late June 2026. Evernorth noted that the XRP Ledger now holds about 51% of RLUSD’s total supply, a larger proportion than what currently sits on Ethereum.
Institutional Use Continues To Expand
Beyond trading metrics, the report pointed to broader adoption across the network. As of June 25, 45,527 accounts on the XRP Ledger held RLUSD, spread across 93,898 trust lines. Direct payment volume using RLUSD also grew substantially, rising from about $68 million in December 2024 to more than $5 billion by May 2026.
Evernorth characterized this trend as evidence of increasing institutional-scale reliance on the network, framing RLUSD’s trajectory as complementary to XRP’s function rather than competitive with it.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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