Key Highlights
- RLUSD now has most of its supply on the XRP ledger, with 52% of all the tokens in circulation now on XRPL, overtaking Ethereum.
- RLUSD trading on XRPL is growing fast, with the RLUSD/XRP pair processing about $900 million in trading volume over the last six months.
- RLUSD is boosting activity on the XRP Ledger, contributing over $2.5 billion in trading since launch in 2025.
Ripple’s U.S. dollar-backed stablecoin, RLUSD, has reached a major milestone after more than half of its total circulating supply moved onto the XRP Ledger (XRPL). According to recent data from XRP-focused treasury firm Evernorth, about 52% of all RLUSD currently in circulation is now on the XRP Ledger.
In an X post on Thursday, the firm stated, “As recently as April, ~17% of all RLUSD sat on XRP. Today it’s ~52% while RLUSD on Ethereum has drawn down from its February peak near $1.24B.”
This is the first time the XRP Ledger has held the majority of the stablecoin’s supply, showing that more users are choosing XRPL over Ethereum for RLUSD transactions. As recently as April 2026, only about 17% of RLUSD’s circulating supply was on the XRP Ledger. Since then, its presence on the network has grown steadily, while the amount of RLUSD on Ethereum has fallen.
According to the data, the amount of RLUSD on Ethereum has fallen from its February peak of nearly $1.24 billion to about $700 million. Ethereum now holds the remaining 48% of RLUSD in circulation.
XRPL becomes the main home for RLUSD
In its report, Evernorth said this shift suggests the XRP Ledger is becoming the main network for RLUSD trading and liquidity. It also noted that RLUSD has become one of the most actively traded issued assets on the XRP Ledger, with its share of on-chain trading rising from less than 1% to about 12% during 2026.
Trading activity has also increased significantly. According to Evernorth, the RLUSD/XRP trading pair has processed roughly $900 million in trading volume over the past six months. This makes up nearly 90% of all RLUSD trading on the XRP Ledger. Smaller trading pairs involving other dollars, euros, and currency-backed tokens account for the rest of the activity.
RLUSD takes a bigger share of XRPL trading
The report also found that RLUSD has become one of the most traded issued assets on the XRP Ledger.
At the beginning of its growth, RLUSD made up less than 1% of all on-chain trading activity. That share has now grown to about 12% during 2026. In simple terms, a much larger part of trading on the XRP Ledger now involves RLUSD than it did before.
Building a stronger dollar market on XRPL
The report added that more than $2.5 billion has been traded through RLUSD pairs on the XRP Ledger since the stablecoin launched in early 2025. Evernorth said this has helped build a much larger dollar-denominated trading market on the network.
Before RLUSD, there was no major dollar trading market of this size on XRPL. The stablecoin is now giving users an easier way to trade digital assets using a token that is designed to stay close to the value of the U.S. dollar, something that did not exist in a meaningful way around 18 months ago.
The treasury firm also said RLUSD’s growth is supporting activity on the XRP Ledger rather than replacing XRP.
Every RLUSD transaction on the network pays fees in XRP, meaning increased stablecoin usage also generates more activity for the blockchain. Evernorth estimates that RLUSD trading now adds around one million transactions to the XRP Ledger each month.
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