Evernorth says RLUSD has reached a milestone this week: over half of its total supply, about 51%, is now issued directly on the XRP Ledger, making it the stablecoin’s primary chain for the first time. That shift matters because it changes how and where users are actually holding and transacting in RLUSD.
Since its public launch, more than $2.5 billion of RLUSD trades have gone through XRP Ledger trading pairs, and in just the past 6 months, the RLUSD to XRP pair alone saw about $900 million in volume. RLUSD’s share of all on-chain trades on the ledger has risen sharply too, jumping from under 1% to nearly 12%. That makes it one of XRP Ledger’s most actively traded issued assets.
For the network, this points to deeper liquidity around RLUSD and a bigger role for the stablecoin inside Ripple’s ecosystem. What comes next is whether that lead holds and whether this trading concentration translates into lasting demand, since flows can still shift as usage patterns change.