Key takeaways
- XRP accounts for 92% of reported RLUSD swaps
- Stablecoin pairs dominate XRP Ledger trading in 2026
- Higher trading activity does not guarantee XRP appreciation
Ripple-backed Evernorth Holdings says approximately 92% of the $1.65 billion in Ripple USD (RLUSD) swapped on the XRP Ledger's native decentralized exchange during 2026 traded directly against XRP, offering new evidence of the cryptocurrency's role in stablecoin liquidity.
The figures, attributed to Evernorth's latest research in November 8 reporting, suggest that RLUSD's expansion has been accompanied by substantial XRP trading activity rather than displacing the native asset.
Evernorth previously outlined a similar relationship in SEC-filed research, reporting approximately $900 million in RLUSD/XRP trading over six months through May 2026. The newer $1.65 billion estimate has not been independently reproduced from the underlying transaction data.
XRP Accounts for 92% of RLUSD Trading on XRPL
The reported $1.65 billion represents RLUSD swap volume on the XRP Ledger's built-in order-book exchange, rather than the stablecoin's total circulation across supported networks.
At a 92% share, approximately $1.52 billion in RLUSD swap volume involved XRP directly, while the remaining $132 million involved other trading pairs.
Evernorth's research also describes a broader shift toward stablecoin-denominated markets.
In 2024, stablecoins and fiat-backed assets accounted for 10.5% of XRP trading volume on XRPL's native exchange. That proportion reportedly increased to 50% in 2025 and reached 86% during 2026.
The development extends Evernorth's earlier RLUSD analysis, which examined whether Ripple's dollar-backed stablecoin could strengthen rather than replace XRP liquidity.
Does Growing RLUSD Usage Increase XRP Demand?
The figures offer a useful distinction between XRP's role in trading and the investment demand for holding the cryptocurrency.
RLUSD provides a dollar-denominated asset for payments and exchanges, while XRP remains the ledger's native token and pays transaction fees.
Greater RLUSD activity can create additional transactions and trading opportunities involving XRP, particularly where liquidity providers maintain XRP/RLUSD markets.
However, swap volume includes both purchases and sales. It cannot establish that $1.52 billion entered XRP as net buying pressure or that the same amount of XRP was accumulated.
This distinction matters as Ripple expands its institutional partnerships and developers prepare additional financial applications.
The proposed lending upgrade could introduce further liquidity use cases, although activation still requires sufficient validator approval.
Evernorth Connects XRP Liquidity to Tokenization Growth
Evernorth's analysis reportedly places XRPL's tokenized asset value above $5 billion as of October 20, compared with $1.76 billion in February.
The company argues that the next stage of tokenization will depend on whether digital assets can be traded, transferred and deployed in financial transactions rather than simply issued on-chain.
Evernorth itself entered Nasdaq in October with approximately 473 million XRP and plans to pursue active treasury management.
Its Nasdaq debut gave public-market investors exposure to a company whose strategy depends partly on increasing XRP's institutional utility.
Meanwhile, the company recently registered millions of shares for potential resale, creating a separate equity consideration for investors evaluating its business model.
