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RLUSD Drives More Than $2.5 Billion of Trading on the XRP Ledger, Evernorth Finds

Evernorth’s June 30 on-chain analysis links a shift of RLUSD supply to XRPL with higher transaction volume that increases XRP fee burns.

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Overview

  • Evernorth’s report says RLUSD pairs have routed over $2.5 billion in cumulative trading through the XRP Ledger since launch, using monthly Dune data through May and a June 25 supply snapshot.
  • The RLUSD/XRP pair cleared roughly $900 million in trading volume over the past six months, and RLUSD now accounts for about 12% of on-chain trading activity on XRPL.
  • A late-June snapshot shows about 51% of RLUSD’s circulating supply was issued on the XRP Ledger, up from roughly 17% in April, marking a cross-chain migration from Ethereum to XRPL.
  • Evernorth emphasizes that every RLUSD trade, swap and transfer settles on XRPL and pays network fees in XRP, which the firm says has translated into roughly one million RLUSD-related XRPL transactions per month and steady fee burns.
  • The report notes market structure shifted from automated market makers back toward order-book trading and warns that continued liquidity depends on market makers, exchanges and enterprise partners supporting settlement use cases.