RLUSD Powers 12% of XRP Ledger Trading in 18 Months: Evernorth

Ripple-backed XRP treasury firm Evernorth’s June 30 RLUSD report argues that its parent’s stablecoin, RLUSD, is not replacing XRP but driving the chain’s own activity. Across 18 months, RLUSD’s share of all trading on the XRP Ledger climbed from under 1% to about 12%, with cumulative trading through RLUSD pairs clearing past $2.5 billion since launch. The data lands as a direct counter to the worry that a Ripple-issued dollar coin could pull liquidity away from the asset it claims to support.

Evernorth, which holds roughly 473 million XRP and is preparing to list on Nasdaq through a SPAC merger, ran its own analytics over Dune Analytics and reached the opposite conclusion from the critics. Every RLUSD trade settles on XRP and pays a fee in XRP, so stablecoin growth feeds the underlying chain’s economy rather than draining it. The report also flags its own conflict: Ripple Labs, the issuer of RLUSD, is a strategic investor in Evernorth and contributed XRP to its predecessor entity, the same disclosure that gave the analysis its primary-source weight.

What the Evernorth Report Actually Shows

The June 30 report, titled “RLUSD on XRP: a growth engine for the network?”, is built around DEX transaction fills, the count of distinct swaps settling on the ledger’s built-in exchange. Critics had argued that as RLUSD grew, it could absorb the role XRP plays in bridging non-direct pairs, draining both liquidity and the bridging function the ledger already routes through XRP. Evernorth’s answer, dressed in monthly fill counts and share-of-trading slices, is that RLUSD is running on top of XRP rather than past it. RLUSD’s share of all on-chain trades on the XRP Ledger climbed from under 1% at the start of 2026 to about 12% by late June, per Evernorth’s RLUSD share-of-trading chart. The RLUSD/XRP pair alone cleared roughly $900 million over the prior six months, close to 90% of all RLUSD trading on the network.

The numbers come from a series of Dune Analytics queries that Evernorth published alongside the report, with the firm laying out how it isolates DEX fills from peer-to-peer transfers, de-duplicates transactions, and reconciles RLUSD’s $1.00 peg. The methodology matters because the same dollar of RLUSD can route through multiple venues within a single settlement window, and counting dollars rather than fills would overstate the trade count. Evernorth also counts distinct XRP transactions, so a single swap that routes from RLUSD to XRP and on to a smaller pair shows up as a bridged trade with XRP in the middle. What the chart shows, in other words, is not how many dollars of RLUSD exist on the XRP Ledger but how often RLUSD ends up on a leg of a trade that settles there.

Setting aside the methodology, the cumulative figure cuts through. More than $2.5 billion in trading value has routed through RLUSD pairs on the XRP Ledger since the stablecoin’s late-2024 launch, a dollar-denominated venue, Evernorth argues, that did not meaningfully exist eighteen months ago. The rest of the report is the firm showing, metric by metric, why it considers that venue a support for XRP rather than a substitute for it.

How RLUSD Is Feeding the XRP Ledger’s Own Economy

The clearest data point for Evernorth’s thesis is the monthly count of RLUSD-paired transactions. RLUSD-paired trades grew from roughly 54,000 in December 2024 to somewhere between 600,000 and 1.1 million per month through May and June 2026, the report’s analytics show. Separate from peer-to-peer transfers, RLUSD trading now accounts for on the order of a million of the XRP Ledger’s transactions each month. Each one is an XRP transaction in its own right, paying a fee denominated in and burned from XRP.

RLUSD isn’t substituting for XRP; it’s running on it.

Evernorth, the Ripple-backed XRP treasury firm preparing a Nasdaq listing, made the case in its June 30 RLUSD report.

Evernorth’s fee-burn calculations extend that framing. RLUSD-paired activity led every month from October 2025 through April 2026 in fee burn among all non-XRP issued tokens on the ledger, with speculative tokens occasionally spiking higher in any given month. Because every transaction settles on-chain and pays an XRP fee, trade count is an observable proxy for the economic activity each token generates. The absolute amounts stay small because the ledger’s fees are designed to be cheap, but the share-of-burn ranking is meaningful: RLUSD is now paying a visible share of the chain’s own upkeep. Outside the DEX, the same dynamic shows up in direct payments. The value of RLUSD settled in direct XRP Ledger transfers, peer-to-peer and institutional, rose from about $68 million in December 2024 to roughly $5.08 billion in May 2026.

1. December 2024: roughly 54,000 RLUSD-paired DEX trades on the XRP Ledger
2. April 2025: automated pools peaked at around 76% of RLUSD fills
3. October 2025 to April 2026: RLUSD led fee burn among non-XRP issued tokens each month
4. May 2026: approximately $5.08 billion in RLUSD settled through direct XRP Ledger payments
5. June 2026: RLUSD-paired trades ran between 600,000 and 1.1 million a month

That is on the order of a 75-fold increase in 18 months, and Evernorth’s framing of the flow as increasingly large-denomination rather than small retail transfers tracks with another pattern visible in the data. The venue mix has flipped too. RLUSD trades ran almost entirely on the XRP Ledger’s order book at launch, migrated into automated pools (peaking near 76% of fills in April 2025), then reversed course. By 2026 the order book had reclaimed roughly 80% of fills, which Evernorth reads as a sign of tighter spreads and more active market-making on the same rail XRP already settles on.

The Quiet Crossover Against Ethereum

For most of RLUSD’s life, the dollar coin’s home was somewhere else. RLUSD launched with significant footprint on Ethereum, and through 2025 the rival chain held the majority of RLUSD supply. The June 30 report pins the moment when that finally flipped. As of June 25, 2026, the XRP Ledger held about $801 million of RLUSD against roughly $795 million on Ethereum, a slight majority that crossed into outright majority earlier in the month. The XRP Ledger’s share of all RLUSD in circulation has climbed from about 17% as recently as April 2026, Evernorth says.

The picture is starker when you zoom in on the supply data. RLUSD in circulation on the XRP Ledger stood at about $20 million at the end of 2024 and now sits at roughly $800 million, a roughly 40-fold increase with the steepest climb in May and June 2026. As of June 25, the holder base measured 45,527 XRP Ledger accounts carrying RLUSD balances, with 93,898 trust lines opened to the issuer. Trust lines exceed holders because any account can open a trust line to the RLUSD issuer in advance of carrying a balance, which Evernorth uses as a proxy for the count of wallets set up to receive RLUSD.

The flip matters for a reason Evernorth’s report does not skip. For 18 months, the bulk of RLUSD lived somewhere XRP could never touch it, on Ethereum, an asset XRP has no fee-burn relationship with at all. Now most of it lives on the one chain where every RLUSD trade re-routes through XRP, either as a pair leg or as a bridge. That, more than any single share-of-trading figure, is what the supply flip changes. Whether the on-chain flip translates into XRP’s price is a separate question, and one the report carefully leaves open.

How Much of the Flip Is Ripple Moving Its Own Money?

The 51% crossover between XRP Ledger and Ethereum is real, but the move that produced it is not what the report’s headline number suggests on its surface. In the last month alone, Ripple burned roughly $539 million of RLUSD across both chains, and roughly three-quarters of that came off Ethereum, a separate on-chain analysis shows. Most of the rise in the XRP Ledger’s share is not new external demand arriving on the chain. It is Ripple shrinking the Ethereum leg of RLUSD supply. The XRP Ledger’s relative share climbed because Ethereum’s absolute holdings fell, not because XRP Ledger’s absolute holdings surged from outside users.

A lot of the flip is Ripple deliberately moving the stablecoin to its own chain, not outside users flooding in, and most of the celebration skips that.

247wallst, the digital media outlet covering crypto markets, made the point in a June 25, 2026 analysis.

Both numbers shift in the same direction with different implications. RLUSD’s total supply actually slipped about 11% over the past month, down from a June peak near $1.8 billion, which means the stablecoin shrank while it rebalanced across chains. As of June 25, the absolute footprint on Ethereum stood at about $795 million against about $801 million on the XRP Ledger, both within roughly $6 million of each other. The simultaneous drawdown is the part the headline-celebration reading skips.

The flip is not nothing, even under that read. A reshuffle still leaves a substantial amount of stablecoin on the chain where XRP is the bridge, and the trades it generates still settle on the ledger and pay fees in XRP. The report’s broader claim survives the asterisk. Evernorth writes that these are “developments worth watching, though there is no assurance that current trends will continue,” a hedge the firm flags itself.

The Bridge Work XRP Picks Up from RLUSD

The structural reason XRP gets anything out of RLUSD trading is the ledger’s routing architecture. The ledger runs its own exchange with more than 25,000 trading pools, and XRP is the asset the network leans on to connect currencies that lack deep direct markets. When a user wants to swap RLUSD for a currency without a thick RLUSD pair, the network typically routes through XRP, so a single bridge step sends the trade through a path that includes an XRP leg. Evernorth frames this as the on-chain analog of a familiar pattern: the U.S. dollar sits on one side of roughly 88% of all global foreign-exchange trades, per the Triennial Central Bank Survey from April 2022. The more dollar liquidity RLUSD attracts on the chain, the more bridging work XRP can pick up.

That case is theoretical, not automatic. Institutions can skip XRP entirely when direct stablecoin pairs exist: Ripple’s own corridor through Bitso pairs RLUSD straight against a peso stablecoin for U.S.-Mexico flows. The same dynamic already exists between RLUSD and other dollar or euro tokens on the ledger, with smaller pairs accounting for the remaining roughly 10% of RLUSD trading. XRP gets a cut when it is the cheapest route and is skipped when it is not. The point is not that every RLUSD transaction forces XRP through the middle but that a growing stablecoin presence raises the floor of how often the bridge gets called.

What Still Hasn’t Landed

The on-chain shift is real; the price action is not. XRP has held near $1 through late June, down about 9% over the prior week, a separate readout shows. The broader crypto market is in the middle of a selloff that has taken Bitcoin back into the low $60,000s and dragged most major tokens with it. Even genuine good news on-chain can stay buried when the macro picture is this heavy, and the RLUSD homecoming is no exception. Evernorth’s data tells the same story with a different surface: the gap between on-chain throughput and price is the part the report does not pretend to close.

The institutional pilots are the bull case the report cannot yet land. Earlier in 2026, JPMorgan, Mastercard, and Ondo Finance used the XRP Ledger to settle a cross-border redemption of a tokenized U.S. Treasury fund in under five seconds, with the same trade normally taking one to three business days to clear through banks. Tokenized real-world assets on the XRP Ledger have grown about 124% in a single quarter, much of it institutional money rather than retail flow. Mastercard has also built the XRP Ledger and RLUSD into a payment network for AI agents, alongside Solana and Polygon, against a backdrop where a separate XRP bullish-signal and CLARITY Act read still tracks the token near $1. The pilots are real, and external volume routing through XRP has not yet shown up at the scale needed to move the token.

Taken together, the RLUSD report makes one fact hard to dispute: a substantial amount of stablecoin trading now settles on the chain XRP gets paid in, rather than next to it. It makes one fact just as hard to confuse: throughput is not the same as token price, and Evernorth’s own disclosure acknowledges that. Evernorth’s report leaves open whether on-chain momentum turns into flows that buy XRP through the bridge, or stays on a ledger that has learned to live without it.

Frequently Asked Questions

What did Evernorth’s June 30 report say about RLUSD on the XRP Ledger?

The Dune-Analytics-based report, titled “RLUSD on XRP: a growth engine for the network?”, argued that RLUSD is supporting rather than displacing XRP. Its headline numbers included RLUSD’s share of all XRP Ledger trading climbing from under 1% to about 12% across 2026, roughly $900 million in RLUSD/XRP pair volume over the prior six months, and over $2.5 billion in cumulative RLUSD-paired trading on the chain since launch.

Is RLUSD replacing XRP?

Evernorth concludes the opposite: every RLUSD trade and transfer settles on the XRP Ledger and pays a fee in XRP, so the data links stablecoin growth with growth in XRP-denominated fee burn. The dollar coin draws liquidity on top of XRP rather than around it. Critics counter that the recent XRPL-vs-Ethereum crossover is mostly Ripple shifting its own supply rather than new external demand arriving.

How much RLUSD is on the XRP Ledger vs. Ethereum?

As of June 25, 2026, the XRP Ledger held about $801 million of RLUSD against about $795 million on Ethereum, the first time the XRP Ledger was the bigger home for the stablecoin. Evernorth pegs the XRP Ledger’s share of all RLUSD at about 51%, up from about 17% in April 2026.

Why is Evernorth publishing this report?

Evernorth is an XRP treasury firm preparing to list on Nasdaq through a SPAC merger and disclosed holdings of about 473 million XRP. The firm flagged that Ripple Labs, the issuer of RLUSD, is a strategic investor and contributed XRP to Evernorth’s predecessor entity, giving the publisher a financial interest in both assets. The underlying on-chain data is published on Dune Analytics for independent review.

Does RLUSD on the XRP Ledger burn XRP in fees?

Yes. Every XRP Ledger transaction, including RLUSD DEX trades and direct transfers, pays a fee denominated in and burned from XRP. Evernorth’s analysis puts RLUSD first in fee burn among non-XRP issued tokens on the ledger for every month from October 2025 through April 2026.

Disclaimer: This article is for informational purposes only and does not constitute investment, legal, or financial advice. XRP, RLUSD, and other crypto assets are volatile; readers should consult a qualified professional before making any decisions, and figures cited are accurate as of the publication date.