Evernorth, a recently launched XRP-focused treasury firm active on Wall Street, has released a report indicating that 92% of RLUSD-related swaps on the XRP Ledger’s native decentralized exchange used XRP during 2026. The company’s data counters claims circulating on social media about XRP’s diminishing presence since the introduction of RLUSD, Ripple’s US dollar-pegged stablecoin.
RLUSD accelerates growth in stablecoin markets
RLUSD, issued by Ripple Labs, achieved rapid momentum and has reached a market capitalization of $2 billion within just two months of launch. The report clarifies that $1.65 billion represents RLUSD’s swap volume specifically on the XRP Ledger’s order-book DEX, not the total outstanding RLUSD supply across different blockchains.
This substantial volume underlines RLUSD’s impact within the XRP Ledger ecosystem, while total RLUSD circulation outside the XRP network is significantly larger and may not always involve XRP in transactions.
The report’s figures suggest that rather than reducing XRP’s market relevance, the growth of RLUSD has reinforced the role of XRP as a core asset in the platform’s decentralized liquidity operations.
While some speculated that RLUSD would displace XRP in the DEX market, the statistics show that XRP remains integral to RLUSD swaps, reflecting its central role in stablecoin-focused trading.
Regulatory milestones and global expansion
Ripple Labs recently secured a highly anticipated National Trust bank license in the United States, which is expected to boost RLUSD adoption and support new compliant financial products. On the international stage, SWIFT is conducting chain interoperability tests with multiple banks connected to the XRP ecosystem, aiming to advance secure cross-border stablecoin solutions.
Mini dictionary: Evernorth is a treasury management firm specializing in XRP assets, offering institutional investors access to cryptocurrency markets through Wall Street products. RLUSD is Ripple’s native US dollar-backed stablecoin released on the XRP Ledger.
At the same time, RLUSD’s expansion continues to generate trading opportunities and higher transaction counts for XRP, especially where liquidity providers combine both assets in dual markets. Ripple’s developer team has partnered with community members to propose new lending functionality for the network.
Evernorth’s Wall Street entry and token management strategy
Evernorth made its debut on NASDAQ in October, launching with 473 million XRP tokens and targeting growth up to 1.8 billion XRP coins under management. This move offered traditional investors indirect exposure to XRP through regulated stock market channels.
Despite increased tokenization on the XRP Ledger—with Evernorth analysis putting total tokenized asset value above $5 billion—this market activity has not yet translated into higher XRP prices. Analysts say XRP’s ability to maintain above the $1.10 demand zone remains crucial for any potential rally.
Additionally, Evernorth can issue 5.2 million new shares to Cantor at a 3% discount to bolster funding for XRP initiatives. However, this arrangement could result in dilution for XRPN, Evernorth’s own equity token.
| Metric | Value |
|---|---|
| RLUSD market cap | $2 billion |
| RLUSD DEX swap volume | $1.65 billion |
| XRP share of RLUSD swaps | 92% |
| Evernorth initial XRP tokens | 473 million |
| Evernorth target XRP under management | 1.8 billion |
The evolving regulatory and product landscape suggests that institutional XRP exposure, tokenized asset growth, and liquidity flows from RLUSD swaps could reshape both the treasury management sector and XRP’s on-chain presence.
