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A new on-chain report is putting to rest one of the XRP community's biggest anxieties: that Ripple's own stablecoin would cannibalize demand for XRP itself.
Analysts at Evernorth, the largest independent XRP treasury, examined that fear directly using fresh on-chain data pulled from Dune Analytics, and found the opposite is happening — RLUSD isn't replacing XRP, it's acting as XRP's main catalyst. The analysis, published June 30, tracked activity on the XRP Ledger through late June 2026.
The Core Numbers
The scale of the shift is significant:
Trading share growth — RLUSD's share of all trading on the XRP Ledger rose from below 1% to about 12% during 2026.
Cumulative volume — Since RLUSD's launch, more than $2.5 billion has traded through RLUSD pairs.
RLUSD/XRP pair specifically — The direct RLUSD/XRP trading pair alone has generated $900 million in volume in just six months, now making up nearly 90% of all RLUSD trading on the network.
Transaction growth — Monthly RLUSD-related transactions grew from roughly 54,000 in December 2024 to between 600,000 and 1.1 million a month.
Supply expansion — RLUSD's circulating supply on the XRP Ledger grew from about $20 million at the end of 2024 to over $800 million by late June 2026.
Payment volume — Direct RLUSD payments on the XRP Ledger rose from about $68 million in December 2024 to approximately $5.08 billion in May 2026.
XRPL Just Overtook Ethereum
Perhaps the most notable data point: XRPL became the largest network hosting RLUSD, accounting for around 51% of total supply, compared to about 17% in April. Based on the Ripple USD Tracker, roughly $801.79 million worth of RLUSD is now active on the XRP Ledger, edging out the $795.59 million on Ethereum — the first time XRPL has led.
Adoption is broadening beyond just volume. As of June 25, there were 45,527 XRP Ledger accounts holding 93,898 trust lines on RLUSD.
Why the “RLUSD Eats XRP” Fear Was Backwards
The mechanism Evernorth points to is structural, not sentimental. Every operation, transfer, or order in the RLUSD/XRP pair requires a network fee that is permanently burned — meaning the more popular dollar-denominated settlement becomes, the higher the activity in the XRP pair, and the more XRP gets burned from circulating supply.
Evernorth compares this to how the U.S. dollar functions in global FX markets: the dollar participates in most transactions as the connecting link between currencies that don't trade directly against each other — and a similar model is now forming on Ripple's blockchain, with XRP acting as the bridge asset that dollar-denominated activity routes through.
According to Evernorth, every RLUSD trade, swap, and transfer on the ledger is processed as an XRP transaction — meaning RLUSD activity still relies on XRP for settlement while adding directly to overall network usage.
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Trading Behavior Has Also Evolved
RLUSD trading patterns shifted over time — initially relying on XRP's order books, moving toward automated market maker pools in early-to-mid 2025, then returning to order books by 2026, where they now handle about 80% of trades. Larger transaction sizes are also becoming more common, suggesting RLUSD is increasingly used for high-value transfers rather than small retail payments.
The Bigger Picture
This report lands as Ripple accelerates RLUSD's institutional footprint globally — the stablecoin recently launched in Japan through a partnership with SBI Holdings and received approval from Japan's Financial Services Agency to operate as an electronic payment instrument under the country's Payment Services Act.
It also reinforces the thesis behind Evernorth's own institutional push — the Ripple-backed XRP treasury firm has been building infrastructure across custody, stablecoins, and prime brokerage, and is pursuing a Nasdaq listing via merger with Armada Acquisition Corp II.
Bottom Line
The data suggests RLUSD and XRP aren't competing assets — they're functionally interdependent. As dollar-denominated activity scales on the XRP Ledger, it doesn't sideline XRP; it increases the transaction volume, fee generation, and burn rate tied directly to XRP itself.
Key Stats Recap
$2.5B+ traded through RLUSD pairs since launch
RLUSD trading share on XRPL: <1% → 12%
RLUSD/XRP pair: $900M volume in 6 months
XRPL now holds 51% of all RLUSD supply, overtaking Ethereum
45,527 accounts, 93,898 trust lines as of June 25
Sources
Evernorth on-chain report (via Dune Analytics), published June 30, 2026
CoinGape — “Ripple-Backed Evernorth Reveals How RLUSD Powered $2.5B Milestone For XRP”
U.Today — “Ripple's USD Stablecoin Isn't 'Eating' XRP, Evernorth Breaks Down”
Bitcoin.com News — “XRP Gains From RLUSD Growth as $900M Trading Boom Deepens Liquidity”
Crypto Economy — “Why Ripple's RLUSD Could Actually Strengthen XRP, According to Evernorth”
Coinpedia — “Does RLUSD Eat XRP – Here's What Onchain Data Say?”
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