Since Ripple launched its dollar-backed stablecoin RLUSD, many XRP holders have wondered whether it will diminish XRP’s role in the ecosystem. However, the latest on the series a report One of the largest public treasuries for XRP, Evernorth, suggests the opposite.
RLUSD is growing, but XRP is still in the position
according to Evernoth on the chainRLUSD has become one of the most actively traded assets on the XRP Ledger. RLUSD transactions have grown from approximately 54,000 in December 2024 to approximately 0.6 to 1.1 million per month.
Meanwhile, its share of all cross-chain trades has risen from less than 1% at launch to nearly 12% today. This means that more traders are now choosing RLUSD when trading on the decentralized XRP exchange.
At first, it may appear that XRP is losing market share. But the Dune Analytics report shows that this is not actually happening.
All RLUSD trades are still settled on the XRP Ledger, and each transaction pays a network fee in XRP. Which means that the more RLUSD is traded, the more XRP is being used behind the scenes.
Dollar market drives XRP activity
One of the biggest changes is the growth of the RLUSD/XRP trading pair.
According to the report, this pair alone has processed around $900 million in trading volume over the past six months, while more than $2.5 billion has flowed through RLUSD trading pairs since launch.
The report compares this to traditional financial markets, where the US dollar is at the center of global foreign exchange trading. RLUSD is starting to play a similar role to XRP by becoming the main dollar trading pair, while XRP continues to act as a settlement layer underneath it.
On-chain data shows that XRP is still essential
The data also shows that RLUSD is expanding rapidly in the XRP Ledger. Evernorth data indicates that RLUSD traded for XRP grew from approximately $20 million at the end of 2024 to nearly $800 million by late June 2026, a 40-fold increase, with the fastest growth occurring during May and June.
Adoption is also spreading quickly. As of June 25, 2026, RLUSD was held by 45,527 XRP Ledger accounts, while approximately 93,898 trust lines were opened. These trust lines allow wallets to receive and use RLUSD, showing that many users are preparing to interact with the stablecoin.
Meanwhile, RLUSD payment activity rose. The value of direct payments on the XRP Ledger jumped from approximately $68 million in December 2024 to more than $5 billion by May 2026, representing approximately 75x growth since launch.
RLUSD is not eating XRP, it is actually increasing demand for it
Meanwhile, more than 51% of all RLUSD in circulation is now in the XRP Ledger, a sharp rise from just 17% in April 2026, meaning the Ripple stablecoin is increasingly choosing XRP over Ethereum.
This means that instead of reducing the importance of XRP, the analysis suggests that RLUSD is expanding the overall economics of the XRP Ledger. Every payment, trading, and liquidity transaction continues to consume XRP in exchange for network fees.
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