Does RLUSD Eat XRP - Here's What Onchain Data Say?

Ever since Ripple launched its dollar-backed stablecoin RLUSD, many XRP holders have wondered whether it would reduce XRP’s role in the ecosystem. However, the latest on-chain report from one of the largest public XRP treasury companies, Evernorth, suggests the opposite.

RLUSD Is Growing, But XRP Remains at the Center

According to Evernoth onchain, RLUSD has become one of the most traded assets on the XRP Ledger. RLUSD transactions grew from roughly 54,000 in December 2024 to roughly 0.6 to 1.1 million a month.

Meanwhile, its share of all on-chain trading has climbed from less than 1% at launch to nearly 12% today. This means that more traders are now choosing RLUSD when trading on XRP’s decentralized exchange.

At first, this may seem like XRP is losing market share. But the Dune Analytics report explains that’s not actually happening.

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Every RLUSD trade is still settled on the XRP Ledger, and every transaction pays network fees in XRP. Which means the more RLUSD gets traded, the more XRP is used behind the scenes.

Dollar Market Is Driving XRP Activity

One of the biggest changes is the growth of the RLUSD/XRP trading pair.

According to the report, this pair alone has processed around $900 million in trading volume over the past six months, while more than $2.5 billion has flowed through RLUSD trading pairs since launch.

The report compares this to traditional financial markets, where the U.S. dollar sits at the center of global foreign exchange trading. RLUSD is beginning to play a similar role to XRP by becoming the main dollar trading pair, while XRP continues serving as the settlement layer underneath.

The On-Chain Data Shows XRP Is Still Essential

The data also shows RLUSD is expanding rapidly on the XRP Ledger. Evernorth data suggest that RLUSD in circulation on XRP has grown from around $20 million at the end of 2024 to nearly $800 million by late June 2026, a 40x increase, with the fastest growth happening during May and June.

Adoption is also spreading quickly. Till June 25, 2026, RLUSD was held by 45,527 XRP Ledger accounts, while nearly 93,898 trust lines had been opened. These trust lines allow wallets to receive and use RLUSD, showing that many more users are preparing to interact with the stablecoin.

At the same time, RLUSD payment activity has surged. The value of direct payments on the XRP Ledger has jumped from about $68 million in December 2024 to more than $5 billion by May 2026, representing roughly 75 times growth since launch.

RLUSD Isn’t Eating XRP, Indeed Increasing Its Demand

Meanwhile, more than 51% of all RLUSD in circulation now exists on the XRP Ledger, up sharply from just 17% in April 2026, meaning Ripple’s stablecoin is increasingly choosing XRP over Ethereum.

This means that rather than reducing XRP’s importance, the analysis suggests RLUSD is expanding the XRP Ledger’s overall economy. Every payment, trade, and liquidity transaction continues to consume XRP for network fees.

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