Evernorth Report: RLUSD Not a Competitor to XRP, Six-Month Trading Volume Reaches $900 Million

Evernorth, a Ripple-backed XRP treasury management firm, released an on-chain data analysis report on RLUSD stablecoin on June 30, disclosing that cumulative trading volume completed via the XRP trading pair since RLUSD's launch has exceeded $2.5 billion, and the past six months' RLUSD/XRP trading pair volume is approximately $900 million, accounting for nearly 90% of the total network volume for that pair.

Quantitative Data Revealed by Evernorth Report: RLUSD On-Chain Activity on XRPL

(Source: Evernorth)

According to the on-chain records disclosed in the Evernorth report, the scale of RLUSD activity on XRP Ledger is as follows:

RLUSD's share of all XRP Ledger on-chain transactions in 2026: Grew from less than 1% to approximately 12%

RLUSD monthly transaction count: From approximately 54,000 in December 2024 to 600,000–1.1 million per month

Direct payment amount: From approximately $68 million in December 2024 to over $5 billion in May 2026

As of June 25: 45,527 XRP Ledger accounts hold 93,898 RLUSD trust lines

The report also notes that all XRP transactions conducted via RLUSD pay transaction fees in XRP, which Evernorth characterizes as "real economic throughput" for the XRP network.

RLUSD Supply Changes on XRP Ledger: From $20 Million to Over $800 Million

Supply data from the Evernorth report shows that RLUSD's circulating supply on XRP Ledger increased from approximately $20 million at the end of 2024 to over $800 million at the end of June 2026.

As of the report date, RLUSD supply on XRP Ledger accounted for approximately 51% of total network supply, with the report noting this ratio is higher than RLUSD's supply share on Ethereum. The report also notes that RLUSD is one of the most traded issued assets on XRP Ledger.

Frequently Asked Questions

How does Evernorth use on-chain data to show that RLUSD is not a competitor to XRP?

Evernorth cites two technical bases: First, all XRP transactions via RLUSD pay fees in XRP, directly bringing transaction fee revenue to the XRP network; second, RLUSD is issued and operates on XRP Ledger, and its on-chain activity (approximately 1 million transactions per month) directly counts toward XRP Ledger's network usage.

How does the supply of RLUSD on XRP Ledger compare to Ethereum?

As of the end of June 2026, RLUSD's circulating supply on XRP Ledger accounted for approximately 51% of total network supply. The Evernorth report states that this ratio has surpassed RLUSD's share on Ethereum, making XRP Ledger the largest deployment chain for RLUSD supply.

What is Evernorth, and what is the data source for this report?

Evernorth is a Ripple-backed XRP treasury management firm. The data cited in the report is based on XRP Ledger on-chain records, covering transaction count, trust line count, direct payment amounts, and stablecoin supply distribution, with the report data as of June 25, 2026.