RLUSD Hits $2.5B on XRP Ledger, Evernorth Says Stablecoin Is Chasing Volume, Not XRP's Spotlight

Evernorth, a Ripple-backed XRP treasury firm, said in a report that Ripple's RLUSD stablecoin has routed more than $2.5 billion in total trading volume through RLUSD pairs on the XRP Ledger since launch. The firm said the figure reflects the stablecoin's role as an on-chain trading and settlement instrument rather than a replacement for XRP.

The report stated that the share of all trading on the XRP Ledger conducted via RLUSD rose from below 1% to roughly 12% over 18 months. Evernorth cited blockchain data showing that the RLUSD/XRP pair accounted for about $900 million in trade volume over the past six months and was used for nearly 90% of all trading involving the pair.

Evernorth said RLUSD supply on the XRP Ledger recently surpassed the RLUSD supply on Ethereum, and that all XRP transactions settled through RLUSD are paid in the XRP transaction fee, denominated in XRP, which the firm described as providing "real economic throughput" for the network.

The firm added that the data does not support concerns that RLUSD is competing with XRP, stating the stablecoin runs on the XRP Ledger and is being built to support activity there.