RLUSD Volume on XRP Ledger Surges 40-Fold
RLUSD has recorded a 40-fold jump in on-chain volume on the XRP Ledger over six months. At the same time, a larger share of its supply now sits on the network. This marks a clear change in where the stablecoin is being used. But what do these figures mean? Let us break down the news and explain how RLUSD works.
Article contents
RLUSD Activity on XRP Ledger Grows 40-Fold
The on-chain volume of RLUSD on the XRP Ledger increased 40-fold within six months. This means that activity involving the stablecoin grew rapidly across the network.
However, the figure does not describe a 40-fold price increase. RLUSD aims to maintain a value of one US dollar, so the change refers to the volume of tokens moving on XRPL.
Evernorth also reported over $2.5 billion in trading through RLUSD pairs since launch. The RLUSD/XRP pair alone generated about $900 million over six months.
Evernorth
RLUSD Supply Shifts From Ethereum to XRP Ledger
RLUSD previously had most of its circulating supply on Ethereum, while only a smaller portion existed on the XRP Ledger. As recently as April 2026, XRPL held just 17% of the stablecoin’s total supply.
The balance then changed quickly. By early July, the XRP Ledger’s share had reached 52%, giving it a majority for the first time. Therefore, more than half of all circulating RLUSD existed on XRPL rather than Ethereum. This figure describes the distribution of the supply between networks, not an equivalent increase in the total number of tokens.
Growing Competition in the Stablecoin Market
Ripple has also joined more than 140 financial and technology companies supporting the Open USD initiative. The project plans to introduce another dollar-pegged stablecoin designed for global payments.
This development places RLUSD within an increasingly competitive market. Meanwhile, Tether’s USDT remained the world’s largest stablecoin, with a market value of approximately $184 billion, according to Coingecko.
What Is RLUSD?
RLUSD, short for Ripple USD, is Ripple’s dollar-pegged stablecoin. It is designed to maintain a value of one US dollar and can be redeemed 1:1 for dollars. Ripple states that segregated reserves of cash and cash equivalents fully back the tokens in circulation.
A dollar peg does not mean that the market price can never move slightly above or below $1. Instead, the reserve and redemption structure aims to keep the value close to that level.
This makes RLUSD different from volatile cryptocurrencies such as Bitcoin or XRP, whose prices change according to market demand. In simple terms, RLUSD brings a dollar-like value onto blockchain networks, allowing users to hold and transfer digital dollars on-chain.
RLUSD on XRP Ledger and Ethereum
Ripple USD (RLUSD) is natively issued on both the XRP Ledger and Ethereum. These networks maintain separate supplies of the token, but each unit represents the same dollar-pegged asset. As a result, users may encounter RLUSD on either blockchain, depending on the platform or service they use.
RLUSD and XRP are not the same cryptocurrency. RLUSD is designed to remain close to $1, while XRP is the native asset of the XRP Ledger and has a market-driven price. Therefore, growth in RLUSD activity on XRPL does not mean that RLUSD becomes XRP or shares its price.
The Role of RLUSD in the Stablecoin Market
RLUSD forms part of the broader market for digital assets that track the US dollar. Stablecoins can provide a relatively stable unit for transfers, trading and settlement on blockchain networks.
However, Ripple USD (RLUSD) competes with established options such as USDT, USDC and others, which already hold much larger shares of the market.
CoinMarketCap
Final Thoughts
Ripple USD activity on the XRP Ledger increased sharply over the reported six-month period. At the same time, the network’s share of the stablecoin’s circulating supply rose from 17% in April to 52%, moving ahead of Ethereum for the first time.
These figures describe two different changes: higher on-chain activity and a shift in where the available tokens reside. Together, they show that the XRP Ledger now plays a much larger role in the distribution and movement of RLUSD.
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