According to overseas crypto media outlet CoinGape, Evernorth, an XRP treasury management firm backed by Ripple, has released a report providing an in-depth analysis of the relationship between the RLUSD stablecoin and XRP.

The core conclusion of the report is clear. While RLUSD is rapidly expanding its influence on the XRP Ledger (XRPL), it was designed not to 'replace' XRP but to 'support' it.

Evernorth stated through CoinGape, "RLUSD has established itself as a major asset in on-chain transactions, liquidity, and trading volume." It also emphasized that blockchain data does not support concerns that RLUSD is replacing XRP; rather, RLUSD operates on top of XRP.

■ Surge in RLUSD Trading Share Within XRPL

CoinGape reported that Evernorth analyzed the share of RLUSD in total XRPL transactions has increased from less than 1% to approximately 12% heading into 2026.

Over the past six months, the trading volume of the RLUSD/XRP pair recorded approximately $900 million, with the pair accounting for about 90% of network transactions. Evernorth stated that since the launch of RLUSD, the cumulative trading volume through RLUSD pairs on the XRPL has surpassed $2.5 billion.

All XRP transactions related to RLUSD are processed using fees denominated in XRP, which provides "real economic activity" to the network.

■ Explosive Growth in Transaction Volume and Circulating Supply

According to CoinGape, the number of RLUSD-related transactions has grown from approximately 54,000 per month in December 2024 to a current range of 600,000 to 1.1 million per month. Evernorth noted that RLUSD usage alone is now generating approximately 1 million transactions per month on the XRPL.

The circulating supply has also surged. The amount of RLUSD in circulation on the XRPL is estimated to have grown from around $20 million at the end of 2024 to over $800 million by the end of June 2026. Approximately 51% of the total RLUSD supply is issued on the XRPL, which is a higher proportion than on Ethereum.

■ Expansion of Network Utilization

According to Evernorth, as of June 25 (local time), there were 45,527 XRPL accounts holding RLUSD and 93,898 Trust Lines. Direct payment volume through RLUSD increased from approximately $68 million in December 2024 to over $5 billion in May 2026.

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