Ripple USD (RLUSD) activity on the XRP Ledger has generated $2.5 billion in settlement volume, according to research from Evernorth, an independent XRP treasury and research firm. The stablecoin has also driven $900 million in RLUSD/XRP trading volume on the network.
RLUSD is a fiat-backed stablecoin designed to function as a stable settlement asset on the XRP Ledger. The token operates alongside XRP, the network’s native asset, but serves a distinct purpose. While XRP carries price volatility, RLUSD provides a stable unit of account for on-chain transactions.
The settlement figures underscore practical utility beyond speculation. The XRP Ledger positions itself as a fast, low-cost settlement platform, and stablecoin activity demonstrates that use case in operation. Evernorth’s research highlights how RLUSD enables value transfer without exposure to XRP price fluctuations, a critical feature for enterprises and market participants requiring predictable settlement costs.
Sustained RLUSD adoption depends on a network of participants. Market makers, exchanges, wallets, and enterprise partners must continue supporting the stablecoin to maintain liquidity and accessibility. The volume metrics reflect activity across these channels, though Evernorth did not name specific exchanges, wallet providers, or enterprise users driving the settlement flow.
The $2.5 billion settlement volume represents cumulative activity rather than a single transaction or time-bound metric. Evernorth did not disclose the specific timeframe over which this volume accumulated or provide historical growth comparisons. The absence of a precise date makes it difficult to assess velocity or recent momentum, though the aggregate figures indicate material economic activity on the network.
RLUSD’s role in the XRP Ledger ecosystem reflects a broader trend in stablecoin deployment. Networks increasingly pair native tokens with stablecoins to optimize for different use cases. XRP handles speed and cost efficiency; RLUSD handles price stability. This dual-asset model allows the XRP Ledger to serve both speculative traders and settlement-focused participants without forcing a single token to serve conflicting roles.
The research comes from Evernorth, not a Ripple corporate announcement. This third-party validation carries weight for market participants evaluating the network’s actual adoption and utility claims. Independent measurement reduces perception of promotional bias and provides a more credible baseline for assessing RLUSD’s real-world use.
What the Numbers Mean
Settlement volume and trading volume measure different activities. The $2.5 billion in settlement volume reflects the total value of transactions using RLUSD as the settlement asset on the XRP Ledger. The $900 million in RLUSD/XRP trading volume measures how much RLUSD has been exchanged for XRP across the network, a separate metric that indicates liquidity between the two assets.
Combined, these figures suggest both a functional settlement layer and active trading pairs. Healthy stablecoin ecosystems require both. Settlement volume proves real economic use; trading volume proves liquidity and market depth. The XRP Ledger appears to be generating both, though
