Ripple USD (RLUSD)’s growth on the XRP Ledger is contributing to higher trading activity without replacing XRP’s core function. An analysis published by Evernorth, an XRP treasury company, on June 30 shows RLUSD’s share of trading on the network rose from less than 1% to around 12% by 2026.

According to Evernorth, every RLUSD trade, swap, and transfer on the XRP Ledger is processed as an XRP transaction. This means RLUSD activity still relies on XRP for settlement, while adding to overall network usage. RLUSD has become one of the most actively traded issued assets on the ledger, while XRP continues to serve as the primary bridge asset.

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.”

Monthly RLUSD-related transactions increased from about 54,000 in December 2024 to between 600,000 and 1.1 million per month in 2026. Although total decentralized exchange activity declined during this period, RLUSD accounted for a larger share of overall trading.

The RLUSD/ XRP trading pair processed roughly $900 million over the past six months, making up nearly 90% of RLUSD trading on the network. Since its launch, more than $2.5 billion has been traded through RLUSD pairs, significantly expanding dollar-based liquidity on the XRP Ledger.

RLUSD supply on the XRP Ledger increased from approximately $20 million at the end of 2024 to about $800 million by late June 2026. During this time, XRPL became the largest network hosting RLUSD, accounting for around 51% of total supply, compared to about 17% in April.

Adoption metrics also show growing participation. As of June 25, RLUSD was held by 45,527 accounts on the XRP Ledger, with 93,898 trust lines established. This indicates more wallets are prepared to hold RLUSD than currently do.

Evernorth stated:

“The data shows that RLUSD has become a significant component of on-chain activity on XRP. On XRP, every RLUSD trade, swap, and transfer is an XRP transaction generating trading volume, deepening liquidity, and burning XRP in fees.”

Direct RLUSD payments on the XRP Ledger rose from about $68 million in December 2024 to approximately $5.08 billion in May 2026. The report noted that larger transactions are becoming more common, suggesting increased use for high-value transfers rather than smaller payments.

Trading patterns also evolved over time. RLUSD activity initially relied on XRP’s order books, shifted toward automated market maker pools in early to mid-2025, and later returned to order books by 2026, where they handled about 80% of trades.

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