RLUSD Just Became the Most‑Traded Asset on XRP – And Every Trade Burns XRP

Evernorth, the largest public XRP treasury company, just published a detailed blog post analyzing RLUSD’s growth on the XRP Ledger. The numbers are striking.

A question has been floating around the XRP community: as RLUSD grows on the network, does a dollar stablecoin start to replace XRP itself?

The data from Evernorth’s latest report indicates the opposite. RLUSD is not substituting for XRP. It is running on XRP. Every RLUSD trade and swap settles on the XRP Ledger and pairs primarily against XRP. As RLUSD has scaled, it has deepened XRP liquidity, added to the network’s trading activity, and generated more XRP in fees.

The two assets serve different purposes. RLUSD is the dollar. XRP is the neutral, issuer‑less asset that most trades route through. They work together, not against each other.

The Numbers That Matter:

The headline figures tell the story:

• RLUSD’s share of all on‑chain trading on XRP climbed from under 1% to about 12% in 2026
• The RLUSD/XRP pair alone has cleared roughly $900 million over the last six months
• RLUSD trading accounts for approximately one million transactions a month on XRP
• More than $2.5 billion has traded through RLUSD pairs on XRP since launch
• 51% of all RLUSD in circulation now sits on XRP, up from about 17% in April 2026

RLUSD Leads the Pack

XRP has a built‑in exchange where users trade assets directly on the network. On that exchange, RLUSD has gone from a curiosity to one of the most‑traded assets.

RLUSD‑paired trade transactions grew from roughly 54,000 in December 2024 to roughly 0.6‑1.1 million a month. Its share of all on‑chain trades on XRP climbed from under 1% to about 12% across 2026.

Total trading on XRP’s DEX cooled over this period. RLUSD’s rising share reflects it capturing a larger slice of activity. When people trade on XRP, they are increasingly trading the dollar.

The Dollar Powers Global Markets – And Now XRP

In traditional finance, the U.S. dollar is the near‑universal trading currency. It sits on one side of roughly 88% of all global foreign‑exchange trades. Liquidity concentrates in dollar pairs because routing through a deep dollar market is the cheapest, fastest way to move between any two assets.

RLUSD/XRP is the on‑chain version of that same pattern. It has gone from nothing to clearing almost a billion dollars. XRP now has a deep, dollar‑denominated trading pair that did not meaningfully exist eighteen months ago.

RLUSD Feeds XRP’s Economy

All of this is real economic throughput. Cumulatively, more than $2.5 billion in trading value has routed through RLUSD pairs on XRP’s exchange since launch. RLUSD trading now accounts for roughly a million of XRP’s transactions a month in trading alone.

Every trade pays a fee in XRP. The tokens that trade most also burn the most XRP. RLUSD has risen into the top‑tier of that token‑level burn amongst all issued tokens on the network. It led every month from October 2025 through April 2026.

The absolute amounts are small – ledger fees are designed to be low. But trade count and the fee burn it produces are a proxy for activity. RLUSD’s growing share of that burn tracks growing real usage on XRP.

RLUSD’s Footprint Is Expanding Fast

RLUSD’s footprint on XRP has scaled rapidly, from about $20 million at the end of 2024 to roughly $800 million by late June 2026 – a 40‑fold increase.

The clearest gauge is against Ethereum. RLUSD launched first on Ethereum, and most of it lived there. In June 2026, XRP overtook Ethereum to hold a slight majority – about 51% – of all RLUSD in circulation. That is up from roughly 17% as recently as April 2026.

The crossover reflects a continued rise on XRP and a steep drawdown on Ethereum from its February peak near $1.24 billion.

Read also: XRP Price Just Flashed Three Bullish Signals!

Beyond the Surface: Wallets, Payments, and Momentum

The fundamentals are moving too.

More dollars on XRP: RLUSD in circulation on XRP grew from roughly $20 million at the end of 2024 to about $800 million by late June 2026.

More wallets ready to use it: As of June 25, 2026, RLUSD on XRP was held across 45,527 accounts, with 93,898 trust lines opened to the issuer. Trust lines exceed holders because an account can open the line to hold RLUSD before it carries a balance – a measure of how many wallets are set up to use it.

Bigger money moving through it: The value of RLUSD settled in direct payments on XRP rose from about $68 million in December 2024 to roughly $5.08 billion in May 2026 – a 75‑fold increase. The flow is increasingly large‑denomination rather than small retail transfers.

The data shows that RLUSD has become a significant component of on‑chain activity on XRP. On XRP, every RLUSD trade, swap, and transfer is an XRP transaction generating trading volume, deepening liquidity, and burning XRP in fees.

A dollar liquidity layer is maturing on the network, and a growing share of on‑chain trading runs through it.

XRP Price: The Bear Market Reality

All of this sounds great. But XRP holders care about price action. And the XRP price action has been absolutely horrible.

XRP price is now at **$1.03** – down nearly 20% in June alone. The token has hit a 19‑month low near $1.01. The bear market is brutal. Bitcoin is below $60,000. Ethereum is below $1,700. Altcoins are bleeding.

The fundamentals are building. The infrastructure is growing. RLUSD is scaling. But the price does not reflect any of this right now.

For long‑term investors, the activity on the network is encouraging. RLUSD is deepening liquidity, burning XRP in fees, and making the XRP Ledger more useful. But for traders, the short‑term reality is a bear market that has not yet bottomed.

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