A new report from Evernorth, a treasury management firm specializing in XRP-based digital assets, has provided detailed data on the interactions between RLUSD and XRP on the XRP Ledger’s native decentralized exchange (DEX). The findings challenge concerns that RLUSD’s rapid growth could diminish XRP’s significance within the XRP Ledger (XRPL) ecosystem.
The Numbers Tell a Clear Story
Trading activity on XRPL’s DEX has shifted dramatically over the past three years. In 2024, only 10.5% of XRP’s trading volume involved stablecoins or fiat-backed tokens. That proportion jumped to 50% in 2025 and reached 86% in 2026 so far, reflecting a surge in dollar-denominated trades on the network.
Despite these trends, the Evernorth report indicates that XRP’s central role on the ledger remains intact. In 2026, of the $1.65 billion in RLUSD transacted on the DEX, 92%—about $1.52 billion—was swapped directly against XRP. Evernorth emphasized that the presence of RLUSD is not reducing XRP’s liquidity, with the vast majority of stablecoin volumes still being routed through XRP trading pairs.
| Year | % of XRP Trades with Stablecoins/Fiat | Total RLUSD Swaps | RLUSD Swapped Against XRP (%) |
|---|---|---|---|
| 2024 | 10.5% | – | – |
| 2025 | 50% | – | – |
| 2026 (to date) | 86% | $1.65 billion | 92% |
Of the $1.65 billion in RLUSD swapped on XRPL’s DEX in 2026, roughly $1.52 billion involved XRP pairs, demonstrating that stablecoin trading is still deeply integrated with XRP rather than replacing it.
XRP as Settlement Infrastructure
According to crypto analyst Diana (@InvestWithD), XRP’s role on the XRPL now resembles the U.S. dollar’s centrality in global foreign exchange markets, acting as the backbone for most cross-currency transactions. As RLUSD and other dollar-backed assets grow, XRP is increasingly positioned as the settlement and bridge currency within the network’s expanding ecosystem.
This structure mirrors the way the U.S. dollar functions globally—a common denominator rather than a competing currency. The Evernorth data suggests that rather than being sidelined, XRP is becoming further embedded as the primary settlement asset facilitating on-ledger swaps and trades.
Mini dictionary: Evernorth is a treasury management company specializing in XRP-based digital asset services. Backed by Ripple, Evernorth provides liquidity, reporting, and analytics solutions focused on the XRP Ledger and its ecosystem.
Is RLUSD Replacing XRP?
Skeptics have speculated that RLUSD’s broad adoption could supplant XRP’s function on XRPL. However, both on-chain data and Evernorth’s analysis indicate otherwise. Each RLUSD transaction on the XRP Ledger incurs fees denominated in XRP, maintaining demand for XRP and reinforcing its utility.
Diana highlighted that the expansion of assets such as RLUSD on XRPL is likely to increase, not decrease, demand for XRP. As more institutions deploy new assets or liquidity pools, the XRP pairings serve as the primary route for swaps, sustaining its position as the core transactional asset on the ledger.
Every RLUSD transaction on XRPL pays fees in XRP, and a greater number of RLUSD swaps translates to increased XRP activity and demand across the network.
