RLUSD now records 52% of its volume on XRPL, according to analysis citing Dune Analytics data, and the shift is being read as a sign of closer integration with XRP rather than competition. Evernorth said the stablecoin is reinforcing activity around XRP inside the ledger instead of pushing it aside.
Evernorth, which describes itself as the largest independent XRP treasury, said the two assets are serving different functions inside the same network. In its view, RLUSD is being used for stable dollar-denominated settlement, while XRP remains the bridge asset for transfers between different tokens and balances on XRPL. The takeaway is simple: the roles are separating, not colliding.
Transaction flow has moved from Ethereum toward XRPL
In April, only 17% of RLUSD volume was on XRPL, with most activity taking place on Ethereum. The latest figures show that share has risen to 52%, a sharp change over recent months and a sign that transaction flow has shifted toward Ripple’s ledger.
RLUSD has also taken a larger slice of transaction activity within XRPL itself. In less than a year and a half, its volume share rose from under 1% to 12%. Analysts said that does not indicate fading interest in XRP. What the data suggests instead is that users and investors are carrying out more dollar-based activity around XRP inside the XRPL environment.
RLUSD-XRP direct trades reached $900 million in six months
Analysts compared the setup to traditional currency markets, where the US dollar often acts as the common reference point between different currencies. A similar structure appears to be forming in Ripple’s ecosystem: RLUSD serves as a stable dollar benchmark, and XRP handles fast movement between assets.
Direct trading between RLUSD and XRP totaled $900 million over the past six months. Analysts said this points to the arrival of a deeper dollar market on XRPL, one that was not there before. The data also indicates that RLUSD gives businesses a clearer dollar value and a buffer against exchange-rate swings, while XRP stays central when a transaction needs a bridge across asset types.
XRPL fee burning still feeds back into XRP supply
The relationship also matters at the protocol level. Every transfer, trade, or RLUSD/XRP order movement on XRPL requires a network fee, and that fee is permanently burned. In practice, that removes XRP from circulation.
According to the analysis, broader use of a digital dollar and a higher number of RLUSD-linked transactions can increase activity in XRP pairs, which in turn leads to more XRP being burned. On that basis, RLUSD is not displacing XRP. It is adding liquidity on top of it while reinforcing XRP’s native function inside the network.